Explanation
BACKGROUND: The 2009 Columbus Tax Incentive Review Council (TIRC) reviewed the Farber Specialty Vehicles Enterprise Zone project on August 19, 2009, and recommended that the City should consider dissolving the Enterprise Zone Agreement (EZA #392-06-01, hereinafter "AGREEMENT") between the City and Farber Specialty Vehicles, Inc. and its affiliate Farber Development I LLC (hereinafter "ENTERPRISE"). The City concurs with the recommendation of the TIRC.
Columbus City Council approved the AGREEMENT by Ordinance No. 0811-2006, adopted May 1, 2006. The AGREEMENT was entered into effective August 9, 2006 and granted a 65%/7-Year abatement on real property improvements with a commitment of $2.5 million in real property improvements, $350K in personal property investment, the creation of 20 new permanent full-time jobs with a payroll of $582,400, and the retention of 95 jobs related to the construction of a 40,000 square feet manufacturing facility on parcel number 540-166446 adjacent to their current facility located at 7052 Americana Parkway within the Columbus Southeast Enterprise Zone (Zone #392).
The project was expected to begin April 1, 2007; all real property improvements were expected to be completed by December 31, 2008 and all acquisition and installation of personal property were expected to be completed by December 31, 2010. Seven (7) of the new full-time jobs were to be created by the end of the first year the AGREEMENT was in effect (year end 2007), seven (7) more by year end 2008, and six (6) more by year end 2009. No real property tax exemption was to neither commence after 2009 nor extend beyond 2015.
As of the TIRC review on August 19, 2009, ENTERPRISE reported that 95 jobs had been retained (100% attainment) but that job creation was low with 7 jobs having been created (50% attainment for the period and 35% attainment overall). As of December 31, 2008 the real property improvements and personal property investment had been...
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