Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit with Frank Brunckhorst Co., LLC. 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.
Frank Brunckhorst Co., LLC is a privately-owned company that was incorporated in 1905 in New York City as a supplier of delicatessen meats and cheeses. Frank Brunckhorst, the company founder, eventually became discouraged with the quality of meats that were available to him for distribution. He decided to open a small manufacturing plant in Brooklyn to prepare his own meats in 1933. By 1975, his company had expanded its distribution of premium meat and cheeses throughout the entire United States. Today, Frank Brunckhorst Co., LLC distributes sausages, meats, and cheese that are manufactured by its subsidiary Boar's Head Provisions Co. (Boar's Head). The products are distributed to food wholesalers, delicatessens, supermarkets and gourmet stores. The company remains privately held and is operated by the descendants of Frank Brunckhorst.
The project involves the acquisition and equipping of a facility at 2225 Spiegel Drive. The company plans to centralize its distribution operations at the project site. Frank Brunckhorst Co., LLC will make a fixed-asset investment of approximately $21.6 million including $9 million for the acquisition of land and building, $1.7 million for building improvements, $9.8 million in machinery and equipment and $1.1 million in furniture and fixtures. Frank Brunckhorst Co., LLC will create 93 new permanent full-time positions.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of six (6) years with Frank Brunckhorst Co.,...
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