Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with American Signature, Inc and JAL Realty Co. to provide therewith an exemption of 75% on real property improvements for a term of ten taxable years in association with the project's proposed $9.7 million investment and job retention. The Ohio Enterprise Zone law O.R.C. Section 5709.62 (3) requires the City to enter into a Council-approved agreement between the City and participating companies.
American Signature, Inc. manufactures and sells hand-carved quality furniture. American Signature, Inc. is a subsidiary of Schottenstein Stores Corporation and employs over 7,000 people in the United States. The company has four distribution facilities and manufactures products at three US facilities, in West Virginia, Georgia and North Carolina.
American Signature, Inc. and JAL Realty Co (the real estate holding company) propose to renovate its current Warehouse/ distribution center facility located at 3080 Alum Creek Drive. The total investment will be approximately $9.7 million in real and personal property and the retention of 178 employees. American Signature, Inc. recently opened a distribution center in the Philadelphia/York area, making that area a possible location option for this project.
American Signature, Inc. and JAL Realty Co. are requesting Enterprise Zone tax abatement from the City of Columbus to assist in the development of this project. The proposal is consistent with the Columbus Tax Incentive Policy under Edge City projects.
Emergency action is requested in order to facilitate the project start date.
The Groveport Madison School District has been advised of this project.
FISCAL IMPACT: No funding is needed for this project.
Title
To authorize the Director of Development to enter into an Enterprise Zone Agreement with American Signature, Inc and JAL Realty Co. ; and to declare an emergency.
Body
WHEREAS, the Columbus Cit...
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