Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Allied Mineral Products, Inc. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
Allied Mineral Products, Inc. is a global company that was founded in 1961, headquartered in Columbus. The company is the worldwide leader in the design and manufacture of monolithic refractories and precast refractory shapes, including castables, dry vibratables, wet rammables, precast shapes, bricks/mortars, gunning materials, plastics, mica and cloth slips, plane products, fluxes, installation equipment, fiber insulation products, refractory coatings. Allied Mineral Products, Inc. offers refractory solutions and develops, manufactures and markets products for various metal melting applications. The company offers a wide variety of products, such as DRI-VIBE, MINRO-SIL, MINRO-AL, and MINRO-SIL LD refractories and compositions. The company has manufacturing facilities in Brownsville, Texas, Mexico, Australia, Russia, Turkey, China, South Africa and Italy.
Allied Mineral Products, Inc. is proposing to invest approximately $12,690,000.00, including new construction, real property improvements, machinery, equipment, furniture and fixtures, to expand its corporate headquarters and its research and development (R&D) facilities located at 2700 Scioto Parkway. With the new construction, Allied Mineral Products, Inc. plans to increase its corporate headquarters from 21,300 square feet to 56,300 square feet, and increase its R&D facility from 20,000 square feet to 29,000 square feet with the possibility of adding another 9,000 square feet. The company will create approximately 58 new full-time permanent positions with an estimated annual payroll of $1,840,000.00.
The Department of Development recommends 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Hilli...
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