Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Capital City Group, Inc. (Capital City). The Ohio Enterprise Zone law O.R.C. Section 5709.62 (C) requires the City to enter into a Council-approved agreement between the City and participating companies.
Capital City Crane Rental originated in 1993 and is now one of the leading providers of crane rentals and field services throughout the Midwest. Capital Field Services was formed in 2000 after noticing a need for quality precast and steel erection services in the Ohio region. In 2007 Capital City Crane Rental and Capital Field Services were merged to become Capital City Group, Inc. Following the merger, Eastman Steel Erection was acquired and folded into the group as well.
Due to the recent merger and acquisition the company is faced with a need to expand and cannot do so at their current 6,400 square foot facility on 5-acres at 808 Frank Road in Columbus. The company has entertained offers from other municipalities in the Central Ohio area but would prefer to relocate to a new Columbus location. Capital City is proposing to invest $2,500,000 in a new 25,146 square foot facility on a 9.48 acre site on Performance Parkway (parcel numbers 010-112491 and 010-233210) in Columbus. Should this project move forward, the City of Columbus would retain 147 full-time permanent jobs and a payroll of $8,500,000. But for this incentive this project will not take place in Columbus.
The Department of Development recommends a 75%/10 year Enterprise Zone tax abatement on real property improvements under the City's Enterprise Zone Program.
Emergency action is requested in order to allow Capital City to begin investing and creating jobs as quickly as possible.
The Columbus City School District has been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a...
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