Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Superior Production Partnership. 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.
Superior Production Partnership plans to expand its Columbus facility to accommodate growth and expansion. The project will include an investment of $4.8 million and the creation of 32 (thirty-two) full-time jobs.
The Department of Development recommends a 60%/7 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures, and inventory. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Superior Production Partnership for a tax abatement of sixty percent (60%) on real property improvements, machinery & equipment, furniture & fixtures, and inventory for a period of seven 7 years in consideration of a proposed $4.8 million investment in real and personal property and the creation 32 (thirty-two) new full-time jobs.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio enterprise law, by letter dated June 12, 1985; and
WHEREAS, Superior Production Partnership plans to build a 32,000 square foot facility to accommodate relocation and expansion; and
WHEREAS, the relocation and expansion will add approximately $4.8 million in investment within the City; and
WHEREAS, the expansion will create 32 (thirty-two) new full time jobs; and
WHEREAS, the City desires to ent...
Click here for full text