Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with four related enterprises, Columbus Wood Products, LLC, Continental Millworks Company, LLC, 1800 Fifth Ave. Holdings, LLC and Nacht Holdings, LLC. 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.
1800 Fifth Ave. Holdings, LLC plans to renovate 117,000 square feet of a facility located at 1800 Fifth Avenue to accommodate the relocation and expansion of Columbus Wood Products, LLC and Continental Millworks, LLC. Nacht Holdings LLC will be the employer of record for all the retained and newly created jobs. The project will include a total investment of $2,560,000. This investment will include $2,400,000 for real property improvements, $50,000 for machinery & equipment, $10,000 for furniture & fixtures, and $100,000 for new inventory. The project will also include the retention of 98 (ninety-eight) full-time permanent jobs and the creation of 21 (twenty-one) full-time permanent jobs. Eighty-nine (89) of the retained jobs will be relocated to Columbus from Clinton Township and seven (7) will be relocated from Mount Vernon, Ohio.
The Department of Development recommends a 65%/7 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures, and new inventory. The proposal is consistent with the Columbus Tax Incentive Policy under Central City Area projects.
The Columbus School District, the Clinton Township Trustees, and City of Mount Vernon, Ohio have been advised of this project.
Emergency Action is requested of Council in order to facilitate a project start.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with Columbus Wood Products, LLC, Continental Millworks Company, LLC, 1800 Fifth Ave. Holdings, LLC and N...
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