Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Simpson Strong-Tie Co. 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.
Simpson Strong-Tie Co. plans to build a 135,000 square foot addition to accommodate expansion at the current location. The project will include an investment of $11,150,000 in real property improvements, machinery & equipment, furniture & fixtures and new inventory, the retention of 166 full-time permanent jobs and the creation of 6 (six) full-time permanent jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures and new inventory. This proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
The Hilliard School District has been advised of this project.
Emergency action is requested of City Council to facilitate a purchase agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Simpson Strong-Tie Co. for an Enterprise Zone Tax Abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements, machinery & equipment, furniture & fixtures and new inventory; in consideration of a proposed investment of $11,150,000 in real and personal property, the retention of 166 full-time permanent jobs and the creation of 6 (six) full-time permanent jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and subsequently amended the Zone by Ordinance Nos. 2722-85 in 1986; 2080-89 in 1989; 1949-92, 2609-92 and 2249-92 in 1992; 1079-94 and 1228-94 in 1994; 2196-95 and 2817-95 in 1995; 533...
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