Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Bardwil Industries, Inc. 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. The Department of Development is proposing to enter into a 5-year, 60%, Jobs Creation Tax Credit Agreement with Bardwil Industries, Inc.
Contingent on the City granting a Jobs Creation Tax Credit, Bardwil Industries, Inc. will relocate its distribution center from Jersey City, New Jersey to Columbus, Ohio and create 60 new permanent full-time positions, which will be new to Columbus, with an annual payroll of $1.5 million, invest $8.5 million in inventory, invest $1 million in machinery and equipment, invest $30k in furniture and fixture and increase job opportunities and strengthen the economy of the city.
Bardwil Industries, Inc. manufacturers and distributes table linen as well as kitchen textile. The company was established in the early 1900's by Elias Bardwil. Bardwil Industries, Inc. is the largest and broadest based table linen in the United States importing an assortment of product from various nations: India, China, Taiwan and Spain. The company day-to-day operation is headquartered in New York City and its leader George Bardwil is the Chief Financial Officer, the son of Elias. The company is proposing to relocate its distribution center to Columbus because of the labor pool available as well as the access to the highway transportation system coupled with the convenient location in terms of the overall US landscape in relation to its customer base.
Emergency action is requested in order to allow Bardwil Industries, Inc. to begin investing and creating jobs as quickly as possible.
The State has approved a Jobs Creation Tax Credit of 45% for 5 years and a $20k grant for Bardwil Industries, I...
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