Explanation
BACKGROUND:This legislation authorizes the Director of Development to consent to the assignment of interest in an Enterprise Zone Agreement known as Columbus Coatings Company to ISG Columbus Coatings Company. Columbus City Council, per Ordinance Number 1985-99, authorized the Department of Trade and Development (now known as Department of Development) to enter into an Enterprise Zone Agreement with LTV Steel Company also known as Columbus Coatings Company. Columbus Coatings is a partnership, whose ownership is shared by two subsidiaries of Bethlehem Steel Corporation. Bethlehem Steel Corporation and its subsidiaries, including Columbus Coatings Company, was sold to International Steel Group. The former Columbus Coatings Company is now known as ISG Columbus Coatings, Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to consent to the assignment of the interests of Columbus Coatings Company in an Enterprise Zone to ISG Columbus Coatings, Inc; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by
legislation, Ordinance No. 779-85, dated April 22, l985; and
WHEREAS, the Ohio Development Department approved this designation under State of Ohio
Enterprise Zone law, by letter, dated June 12, l985; and
WHEREAS, the Columbus Coatings Company (also known as LTV Steel Company, Inc.)
Enterprise Zone Agreement was approved by Ordinance 1985-99; and
WHEREAS, Columbus Coatings Company desires its interests in the Enterprise Agreement be
assigned to ISG Columbus Coatings Company; and
WHEREAS, ISG Columbus Coatings, Inc. desires that it be assigned the Enterprise Zone
Agreement interests of Columbus Coatings Company; and
WHEREAS, the City desires to consent to the assignment of Columbus Coatings Company's
interests in the Enterprise Zone Agreement to ISG Columbus Coatings Co...
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