Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with FineLine Graphics, Corp. (FineLine Graphics) equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years, in consideration of FineLine Graphics' proposed investment of $5.1 million and the relocation of 58 full-time permanent positions, which will be new to Columbus, and the creation of 25 new permanent full-time jobs.
FineLine Graphics, a privately held corporation, was established in 1978. FineLine Graphics is a one of a kind printing, mailing and fulfillment company. The company can transform the client's art and words into printed documents. The latest proofing and imaging solutions are used to ensure predictable color management and color accuracy.
FineLine Graphics must move to grow and survive in an economy that has seen more than half of its competitors loose their business to foreign competition and the electronic world of marketing. The company is currently land locked. In order to sustain their current client list and take on new customers, the company must move to a larger facility and purchase new machinery and equipment.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with FineLine Graphics, Corp. to pay annually an amount equal to twenty-five percent (25%) of the personal income tax withheld on new employees for a term of five (5) years, in consideration of a proposed investment of $5.1 million, the relocation of 58 jobs, which will be new to Columbus, and the creation of 25 new permanent full-time jobs; and to declare an emergency.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
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