Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with ms consultants, inc. 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.
ms consultants, inc. plans to build an additional 18,000 square feet at their current facility to accommodate expansion. The project will include an investment of $3,038,000 in real property improvements, furniture & fixtures and stand alone computers, the retention of 89 (eighty-nine) full-time permanent jobs and the creation of 69 (sixty-nine) full-time permanent jobs.
The Department of Development recommends a 65%/7 year tax abatement on real property improvements, furniture & fixtures, stand-alone computers and a 60%/6 year Jobs Creation Tax Credit. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
The Columbus Public School District has been advised of the project.
Emergency action is requested by Columbus City Council to facilitate hiring and construction time schedules.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with ms consultants, inc. for an Enterprise Zone tax abatement of sixty-five percent (65%) for a period of seven (7) years for real property improvements, furniture & fixture, stand-alone computers and a Jobs Creation Tax Credit of sixty percent (60%) for a period of six (6) years on new full-time employees in consideration of a proposed $3,038,000 investment in real property improvements and personal property, the retention of 89 (eighty-nine) full-time permanent jobs and the creation of 69 (sixty-nine) full-time permanent jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council authorized the designation of the Enterprise Zone by legislation, Ordinance Number 779-85, dated April 22, 1985; ...
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