Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the City's Enterprise Zone Agreement (EZA) with Plastic Suppliers, Inc. ("Plastic Suppliers"). The EZA was approved by City Council in January 2000 and signed in March 2000. Plastic Suppliers committed to invest $3.5 million in real property improvements to expand its manufacturing facility at 2450 Marilyn Park Drive and to invest $4 million in new M & E and $1.2 million in inventory. Plastic Supplies also agreed to retain 145 existing jobs and to create 15 new jobs by March 2003. Plastic Suppliers has exceeded both the real and personal property investment goals but as of December 2004 was three jobs short of the job retention goal and had not created any new jobs. The Columbus Tax Incentive Review Council (the "TIRC") recommended on August 16, 2005, to amend the EZA to reduce the job creation requirement to 7 jobs and to extend the time deadline for the job creation to June 30, 2006. The TIRC acknowledged that Plastic Suppliers had exceeded the goals for both real and personal property investment.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Enterprise Zone Agreement with Plastic Suppliers by reducing the number of jobs required to be created and providing additional time for the job creation; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Agreement with Plastic Suppliers, Inc. ("Plastic Suppliers") on January 10, 2000 by Ordinance No. 34-00; and
WHEREAS, the City entered into an Enterprise Zone Agreement with Plastic Suppliers on March 10, 2000 (the "EZA"), in which the City granted a 50%/5-year abatement (2002-2006) on real property improvements, and Plastic Suppliers agreed to invest $3.5 million in real property improvements and $5.2 million in personal property, to retain 145 existing jobs and to create 1...
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