Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Rastra Ohio, Inc. (Rastra). 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.
Rastra is a manufacturer that uses a revolutionary "green" building system for houses, apartments, commercial and industrial buildings. The company was established in Europe in the 1970's by an engineering firm headed by Karl Holik, the President of Rastra. A holding company located in Liechtenstein, owns the intellectual property rights to Rastra's building system. The North American subsidiary is headquartered in Scottsdale, Arizona. Rastra's patented Insulated Concrete Form panels are a proven, alternative building material that can be used in place of most types of conventional construction methods including wood framing, masonry block, steel frame, and prefab concrete. The material is derived from post-consumer plastics and is mixed with concrete. Rastra panels, used in Europe for 30 years and the United States for 10 years, significantly reduce energy consumption. The panels are seven times stronger than wood-frame construction. Because of the construction, the panels won't burn, are resistant to tornadoes, hurricanes, earthquakes, mold, rodents and termites, and are adaptable to any architectural style.
Rastra Ohio, Inc. is proposing to lease a 12,000 square foot facility built by SWACO at the Jackson Pike location.
Emergency action is requested in order to allow the project to begin as soon as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into an agreement with Rastra Ohio, Inc. for a Jobs Creation Tax Credit of 65% for a period of 8 years in consideration of the company's investment of $3...
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