Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the existing Community Reinvestment Area (CRA) Agreement with Mettler Toledo contingent upon the certification of the amendment of the Old State Road CRA by the Ohio Department of Development. The amendment to the CRA Agreement with Mettler Toledo would reflect a sixty five percent (65%) fifteen (15) year real property incentive. Columbus City Council, per Resolution Number 10X-98, authorized a sixty five percent (65%) ten (10) year CRA incentive for Mettler Toledo on February 9, 1998 in consideration of an investment of over $21 million and the creation/relocation of a total of 222 jobs. Columbus City Council also on September 13, 2007 by Resolution Number 0145X-2007, amended the Old State Road Community Reinvestment Area. This amendment expanded the boundaries of the Old State Road CRA and increased the real property incentive to a maximum of one hundred percent (100%) for a period of fifteen years (15) years. This resolution allows the city to offer an extended incentive to Mettler Toledo. The Columbus Tax Incentive Review Council, in its 2007 review, found the project to be in compliance.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the existing Community Reinvestment Area Agreement with Mettler Toledo to reflect a sixty five percent (65%) fifteen (15) year real property incentive contingent upon certification of the amendment to the Old State Road Community Reinvestment Area (CRA) by the State of Ohio, Department of Development; and to declare an emergency.
Body
WHEREAS, the Mettler Toledo CRA Agreement was authorized by Columbus City Council Ordinance Number 10X-98 on February 9, 1998; and
WHEREAS, Mettler Toledo has invested over 21 million in the project and relocated/created over 222 jobs; and
WHEREAS, as of the most recent performance review, the CRA Agreement...
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