Explanation
Background: The need exists to enter into an Enterprise Zone and Jobs Creation Tax Credit Agreement with Stone Barn, LLC, DBA Steve & Barry's University Sportswear. Ohio Enterprise Zone law (O.R.C. Section 5709.62) and Jobs Creation Tax Credit law (O.R.C. Section 718.08) requires the City to enter into a Council-approved agreement with a participating company.
Stone Barn, LLC DBA Steve & Barry's University Sportswear, established in 1985, is a large distributor of university sportswear and apparel for adults and children with locations in 70 (seventy) malls throughout the United States. Stone Barn, LLC DBA Steve & Barry's University Sportswear is headquartered in Port Washington, NY and has locations in twenty-six states.
The company is proposing to lease 1.2 million square feet for distribution at a facility located at 4545 Fisher Road, the former Sears Distribution Center building. The investment in real and personal property will be between $22.4-$24.4 million with the creation of 250 new jobs. The Ohio Department of Development has offered a 5-year, 60% Jobs Creation Tax Credit for this project to help secure the jobs and investment for Ohio.
The Columbus Department of Development is proposing a 10-year, 75% (percent) personal property abatement under the City's Enterprise Zone Program and a 10-year, 65% (percent) Jobs Creation Tax Credit. Only jobs that pay $10.00 and above are eligible for the tax credit.
This legislation is requested to be considered as an emergency in order to allow Stone Barn, LLC DBA Steve & Barry's University Sportswear to make a decision on the location of the proposed project as quickly as possible.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a 10 year/75% Enterprise Zone Agreement on personal property and a 65%/10 year Jobs Creation Tax Credit Agreement with Stone Barn, LLC DBA Steve & Barry's U...
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