Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the existing Enterprise Zone Agreement with Ohio Transmission Corporation. Columbus City Council, by Ordinance No. 1671-2002, passed on November 18, 2002, approved a 50% 5 year tax abatement on real property improvements for Ohio Transmission Corporation to invest $2,750,000 in real and personal property and create 10 new full-time jobs.
The need exists to amend the Enterprise Zone Agreement to include Carstens-Derrow Realty Co. as the owner of the real property and to commit Ohio Transmission Corporation to 79 jobs for retention. Subsequent to the approval of the incentive by Council, Ohio Transmission Corporation created Carstens-Derrow Realty Company as the real estate holding company.
The name of the new entity needs to be added to the Enterprise Zone Agreement to reflect the new property owner and to allow the Ohio Department of Taxation to proceed with approval of the tax abatement granted by council. In addition, the amendment will include a job retention commitment of 79 jobs retained by Ohio Transmission Corporation at the time the company entered into the Enterprise Zone Agreement.
Ohio Transmission Corporation has made progress on the commitments in the Enterprise Zone Agreement including the completion of a new 32,000 square foot facility. The Corporation has already surpassed its investment and job creation goals as of December 31, 2005.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the existing Enterprise Zone Agreement with Ohio Transmission Corporation to include Carstens-Derrow Realty Co. as the property owner and to establish 79 as the job retention commitment for the company.
Body
WHEREAS, Columbus City Council, by Ordinance No. 1671-2002, passed November 18, 2002 authorized the Enterprise Zone Agreement; ...
Click here for full text