Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Sonoco Products Company (Sonoco). The Ohio Tax Credit Legislation (Section 718.15 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.
Sonoco Products Company (Sonoco) is a leading global producer of industrial and consumer solutions, headquartered in Hartsville, South Carolina. Sonoco serves customers in 85 nations from 300 manufacturing and sales locations in 35 different countries. In 2006 Sonoco had 17,600 and sales of $3.7 billion.
Sonoco's services include custom injection molding, cylinder engraving, flexible film lamination, graphics management, paper mill services, recycling and rotogravure printing. Sonoco's products include automotive components, concrete forms, food service products, residential construction products, labels, paper, products used in shipping, beverage insulators, wood, plastic and steel reels use in shipping, caulking tubes and coasters.
Sonoco is proposing to lease a 119,660 sq. ft. facility at 444 McCormick Blvd. in Columbus to manufacture high barrier, blow molded bottles for liquid nutritional drinks.
This legislation is requested to be considered as an emergency in order to allow Sonoco Products Company to begin investing and creating jobs as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Sonoco Products Company for a Jobs Creation Tax Credit of 65% for a period of 8 years in consideration of the company's investment of $11,575,000 in real property improvements and personal property and the creation of 30 permanent full-time jobs; and to declare an emergency.
Body
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of...
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