Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with CCS Realty Co. and Cloverleaf Cold Storage Company. 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.
Cloverleaf Cold Storage Co., (an Ohio corporation) is one of the largest privately held public refrigerated warehouses in the United States. The company provides refrigerated and dry warehouse services to the food industry. Cloverleaf Cold Storage Co. is headquartered in Sioux City, Iowa with operations in Minnesota, Missouri, North Carolina, Ohio, South Carolina and Virginia. The company has been an innovator in the industry building the first rack-supported freezer in the United States and building the first large-scale urethane panel warehouse. Cloverleaf Cold Storage Co.’s services include: freezer, cooler and dry storage, import export services, rail service, enclosed and refrigerated truck and rail dock, internet accessible inventory and access, USDA approved warehouses, and U.S. customs container freight stations. CCS Realty Co. is Cloverleaf Cold Storage Co.’s real estate holding company and will be the owner of the said property.
Cloverleaf Cold Storage Co. is proposing to expand its Columbus facility by adding approximately 60,000 square feet of additional freezer space and a refrigerated loading dock onto its 142,000 square foot operation located at 2350 New World Drive. CCS Realty Co. will invest approximately $3,000,000 in real property improvements while Cloverleaf Cold Storage Co. will invest approximately $1,800,000 in machinery and equipment and create two new full-time permanent positions associated with this project.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
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