Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Heartland Refinery, 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.
Heartland Petroleum, parent company of Heartland Refinery, LLC, originated as a petroleum recycling company in Columbus, Ohio in 1948. The first company's founder was Rex Snedegar, Sr. Mr. Snedegar's goal was to service the entire central Ohio area with environmentally safe used oil collections. He built the organization with a sound business philosophy of customer service and eventually expanded the operation to include not only the private sector, but also local, state, and federal agencies.
Heartland Refinery, LLC plans to build a recycled oil refinery to accommodate expansion. The project will include an investment of $10,000,000 and the retention of 11 full-time jobs and creation of 20 new full-time jobs.
The Department of Development recommends a 75%/ten year tax abatement on real property improvements and a 75%/two year tax abatement on personal property. The proposal is consistent with Columbus Tax Incentive Policy under Core Central City projects.
The Columbus Public School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Heartland Refinery, LLC for a tax abatement of 75% for a period of ten years for real property improvements and a tax abatement of 75% for a period of two years for personal property in consideration of a proposed $10,000,000 investment, the retention of 11 jobs, and the creation of 20 new full-time 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
WHER...
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