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File #: 2223-2006    Version: 1
Type: Ordinance Status: Passed
File created: 11/28/2006 In control: Jobs and Economic Development Committee
On agenda: 12/11/2006 Final action: 12/13/2006
Title: To authorize the Director of Development to enter into an agreement with Abbott Laboratories, Ross Products for a Jobs Creation Tax Credit of 65% for a period of 8 years in consideration of a proposed $58,650,000.00 investment, the retention of 1856 new full-time jobs and the creation of 92 new full-time jobs; and to declare an emergency.
Date Ver.Action ByActionResultAction DetailsMeeting Details
12/13/20061 MAYOR Signed  Action details Meeting details
12/13/20061 CITY CLERK Attest  Action details Meeting details
12/11/20061 Columbus City Council ApprovedPass Action details Meeting details
12/11/20061 COUNCIL PRESIDENT Signed  Action details Meeting details
12/7/20061 Dev Drafter Sent to Clerk's Office for Council  Action details Meeting details
12/6/20061 City Clerk's Office Sent back for Clarification/Correction  Action details Meeting details
11/28/20061 Dev Drafter Sent for Approval  Action details Meeting details
11/28/20061 DEVELOPMENT DIRECTOR Reviewed and Approved  Action details Meeting details
11/28/20061 Dev Drafter Sent for Approval  Action details Meeting details
11/28/20061 CITY ATTORNEY Reviewed and Approved  Action details Meeting details
11/28/20061 Dev Drafter Sent to Clerk's Office for Council  Action details Meeting details
Explanation

BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Abbott Laboratories, Ross Products. The Ohio Tax Credit Legislation (Section 718.08 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.

The Ross Products Division, Columbus Manufacturing Site has been located in Columbus since 1903. The current location was originally the site of the Franklin Brewery which was used by the Moores and Ross Milk Company and subsequently became Ross Laboratories. Ross Laboratories was created to continue the development of Similac Infant Formula, which continues to be their flagship brand. Ross Laboratories was purchased by Abbott Laboratories in 1964 and became the Ross Products Division of Abbott Laboratories. Abbott is a broad-based health care company based in north suburban Chicago.

Abbott Laboratories, Ross Products plans to expand a manufacturing line to accommodate expansion. The project will include an investment of $58,650,000.00, retention of 1856 full-time jobs and the creation of 92 full-time jobs.

The Department of Development recommends a 65%/8 year Jobs Creation Tax Credit.

FISCAL IMPACT: No funding is required for this legislation.



Title

To authorize the Director of Development to enter into an agreement with Abbott Laboratories, Ross Products for a Jobs Creation Tax Credit of 65% for a period of 8 years in consideration of a proposed $58,650,000.00 investment, the retention of 1856 new full-time jobs and the creation of 92 new full-time jobs; and to declare an emergency.



Body

WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of Ohio is authorized to establish the Tax Credit Authority and to execute agreements with taxpayers of the State of Ohio for the purpose of granting these taxpayers job creation tax credits against...

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