Explanation
BACKGROUND: The 2009 Columbus Tax Incentive Review Council (TIRC) reviewed the Carr Supply, Inc. Enterprise Zone project on August 18, 2009, and recommended that the City should consider dissolving the Enterprise Zone Agreement (EZA) between Carr Supply, Inc. (hereinafter "ENTERPRISE") and the City (EZA# 023-05-11). The City concurs with the recommendation of the TIRC.
Columbus City Council (hereinafter "COUNCIL") approved the EZA by Ordinance No. 0348-2005, adopted March 7, 2005. The EZA (hereinafter the "AGREEMENT") was entered into effective November 16, 2005 and granted a 65%/7-Year abatement on real property improvements and personal property investment with a commitment of $1 million in real property improvements, $500K in personal property investment, the creation of 5 new permanent full-time jobs with a payroll of $128,960, and the retention of 42 jobs related to the expansion of between 30,000 to 40,000 square feet at their facility located on parcel number 010-231120 at 1415 Old Leonard Avenue within the City of Columbus Enterprise Zone (Zone #023). The project was expected to begin April 2005 and all acquisition, construction and installation were expected to be completed by April 2008. Three of the new full-time jobs were to be created by 2006, four by 2007, and five by 2008. No personal property tax exemption was to neither commence after tax return year 2008 nor extend beyond tax return year 2014 and no real property exemption was to neither commence after 2006 nor extend beyond 2014.
The AGREEMENT was subsequently amended effective August 1, 2006 (Ordinance No. 1020-2006, passed by COUNCIL June 19, 2006) to modify the exemption window so that no personal or real property tax exemption was to neither commence after tax return year 2009 nor extend beyond tax return year 2015.
As of the TIRC review on August 18, 2009, ENTERPRISE reported that 42 jobs had been retained (100% attainment) and that 19 jobs had been created (38...
Click here for full text