Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement and a Jobs Growth Incentive Agreement with Zyvex Performance Materials, Inc. (Zyvex). The Ohio Jobs Creation Tax Credit law (O.R.C. Section 718.158) requires the City to enter into a Council-approved agreement between the City and participating companies.
Zyvex is a privately owned spin-off of Zyvex Corporation. Zyvex is one of the leading nanotechnology companies in the nation and provides tools and instrumentation to the semi-conductor, research and education markets. In addition to being the first commercial molecular nanotechnology company, Zyvex was the first to provide carbon nanotube (CNT) powered products to the marketplace. Zyvex serves customers in the aerospace, defense, automotive, energy, and sporting goods industries.
This project would include the relocation and expansion of the company's headquarters and research and development operations into a leased 39,900 square foot facility at 1255 Kinnear Road, a site owned by The Ohio State University and located within the 315 High Technology Corridor.
The project will result in a total capital investment of $3,000,000, the creation of 97 (ninety-seven) new full time jobs, and the relocation of 12 (twelve) existing full-time jobs from Richardson, Texas. The average hourly wage of the new jobs will be $38.22, with a projected annual payroll of $6,917,372.80.
The Department of Development recommends a 65%/10 year Jobs Creation Tax Credit and a 30%/5 year Jobs Growth Incentive.
Emergency action is requested in order to allow Zyvez 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 agreements with Zyvex Performance Materials, Inc., for a Jobs Creation Tax Credit of 65% for a period of 10 years and a Jobs Growth Incentive equal to 30% for a term of 5 years; an...
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