Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with SEA, 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.
SEA, Ltd. is worldwide leader in forensic research, testing and analysis, providing expert witness testimony to manufacturers, insurance companies, law firms and municipalities. SEA, Ltd.’s core disciplines include electrical engineering, mechanical engineering, civil engineering, fire investigation, industrial hygiene and environmental analysis. The company has ten offices throughout the United States, with a full-time staff of engineers, investigators and chemists that are court-qualified experts in their respective fields.
SEA, Ltd. will construct a new global corporate headquarters that will include a state-of-the-art scientific research and development facility. A new 90,000-100,000 square foot facility will be constructed on Schrock Road near the Anheuser Busch site. A total investment of $9.4 million is proposed at the site with $9 million toward building construction and $400,000 in machinery, equipment, furniture and fixtures. A total of 30 new full-time permanent positions will be created and 96 existing full-time positions will be retained.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Worthington City Schools has been advised of this project.
Emergency action is necessary in order for this project to move forward with its initial permitting process in order to meet completion deadlines.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with SEA, Ltd. for a tax abatement of seventy-five percent (75%) for a period of ten (10) years on real property improvements in consideration of a proposed total capital investment...
Click here for full text