Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with NetJets Inc. NetJets) and FlightSafety International, Inc. (FlightSafety), a Jobs Creation Tax Credit Agreement and a Job Growth Incentive Agreement with NetJets and a Jobs Creation Tax Credit Agreement and a Job Growth Incentive Agreement with FlightSafety. 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.
NetJets is the worldwide leader in fractional aircraft ownership and FlightSafety is a provider of professional aviation training, simulation equipment and software. NetJets and Flightsafety are proposing to construct a world-class aeronautical campus by adding approximately 415,000 square feet to the existing facility at 4111 Bridgeway Avenue, at Port Columbus. FlightSafety will more than double the number of its existing simulators, creating its largest concentration of simulators in the country and attracting large numbers of pilots on a daily basis from outside Ohio for training.
The Department of Development recommends a 75%/10 year Enterprise Zone tax abatement on real property improvements for NetJets and FlightSafety, a 65%/15 year Jobs Creation Tax Credit and a 35%/7 year Job Growth Incentive for NetJets, and a 65%/15 year Jobs Creation Tax Credit and a 35%/7 year Job Growth Incentive for FlightSafety. The proposal is consistent with the Columbus Tax Incentive Policy under Central City projects.
Emergency action is requested of City Council in order to facilitate a project start date.
The Columbus Public School District, Gahanna School District and Eastland Career Center have been advised of this project.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Enterprise Zone Agreement, a Jobs Creation Tax Credit Agreement and a Job Growth Incentive Agreeme...
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