Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Terminal Warehouse, 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.
Terminal Warehouse, Inc plans to lease 172,800 square feet of a facility to accommodate expansion. The project will include an investment of $12,850,000 and the creation of twenty-four (24) full-time jobs.
The Department of Development recommends a 75%/10 year tax abatement on real property improvements, machinery & equipment, furniture & fixtures, and inventory. The proposal is consistent with Columbus Tax Incentive Policy under Edge City Area projects.
The Columbus Public School 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 Terminal Warehouse, Inc. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a proposed $12,850,000 investment in real property improvements, machinery & equipment, furniture & fixtures, inventory and the creation of twenty-four (24) new jobs; and to declare it 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; and
WHEREAS, the Ohio Development of Department approved this designation under State of Ohio enterprise law, by letter dated June 12, 1985; and
WHEREAS, Terminal Warehouse, Inc plans to lease 172,800 square feet of a facility to accommodate expansion; and
WHEREAS, the expansion will add approximately $12,850,000 in investment within the City; and
WHEREAS, the expansion will create 24 (twenty-four) new full time jobs; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development...
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