Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Minerva Ridge II LLC and TKS Industrial Company. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Minerva Ridge II LLC (“Minerva Ridge”) is a real estate holding company owned by Joe D. Recker and Joe W. Recker, a father and son managed team. The company was formed in 2019 and focuses on real estate solutions for heavy industry companies in Ohio and the Midwest. The Reckers have been active in this space as a family business for generations.
TKS Industrial Company (“TKS”) was established in 1981 as the North American subsidiary of Taikisha Ltd., a publicly traded company in Japan. Currently headquartered in Troy, Michigan. TKS is part of the global Taikisha group, a world leader in HVAC and paint finishing systems. Taikisha specializes in large-scale industrial heating, ventilation, humidifying, and air conditioning (HVAC) systems for large buildings and industrial plants. TKS is a general contractor that provides turnkey paint finishing systems including building, conveyors, process equipment, automation and more.
Minerva Ridge and TKS are proposing to invest a total project cost of approximately $1,405,560, which includes $1,233,860 in real property improvements and $171,700 in furniture and fixtures to expand its current manufacturing facility by approximately 15,800 square feet at 1939 Refugee Road, Columbus, Ohio, 43207, parcel number 010-087995 (the “Project Site”). With this expansion, the company will be able to accommodate larger scale projects that are currently being sent elsewhere, to other states. TKS will be the tenant and employer of record and enter into a long-term lease agreement with Minerva Ridge, the owner of the property. Additionally, the company will retain 60 full-time jobs with an annual payroll of approximately $3.91 million and cr...
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