Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Morrison Medical LTD. 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.
Morrison Medical LTD plans to build a 14,000 square foot facility on parcel 560-274685-00, a 2.120 acre site located in the Westbrooke Corporate Park on Paragon Drive, to accommodate future expansion. The project will include an investment of $1,250,000 in real property improvements, machinery & equipment and new inventory, the retention of 25 (twenty-five) full-time permanent jobs and the creation of 5 (five) full-time permanent jobs.
The Department of Development recommends a 60%/7 year tax abatement on real property improvements, machinery & equipment and new inventory. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
The Hilliard 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 Morrison Medical LTD for a tax abatement of sixty percent (60%) for a period of seven (7) years in consideration of a proposed $1,250,000 investment in real property improvements, machinery & equipment and new inventory, retention of 25 (twenty-five) full-time permanent jobs and the creation of 5 (five) full-time permanent jobs.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; and
WHEREAS, the Ohio Department of Development approved this designation under State of Ohio enterprise law, by letter dated June 12, 1985; and
WHEREAS, Morrison Medical LTD plans to build a 14,000 square foot facility to accommodate expansion and relocation; and
WHEREAS, Morrison Medical LTD agrees to invest approximate...
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