Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with FIMM USA, Inc. (FIMM) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. FIMM USA, Inc. will make a fixed-asset investment of approximately $1.1 million including new machinery, equipment, leasehold improvements, furniture and fixtures, and create 20 new full-time permanent positions in the City of Columbus.
FIMM USA, Inc. is a family owned business and is a subsidiary of FIMM ITALIA SPA, which specializes in the production of metallic handles for brooms, mops, tools, and snow shovels. FIMM USA, Inc. was created in 2010 to purchase the business of Handles USA, a company of the Thomas Monahan group operating in Arcola, Illinois that also produced metallic broom and mop handles. FIMM USA, Inc. is the only manufacturer of its products for third parties in all of the USA and Canada. The company uses the most modern technology and equipment (CAD-CAM technology, CNC machines, electronic board assembling and programming, spark-erosion, injection molding and extrusion of polymers and high frequency welding, to produce its products for local and abroad customers.
FIMM USA, Inc. is proposing to relocate its corporate headquarters from Arcola, Illinois to the City of Columbus by entering into a 7-year lease agreement with Cospin USA, LLC (FIMM USA, Inc.'s real estate holding company) on a vacant commercial building consisting of approximately 80,000 square feet located at 5454 Alkire Road to meet its consumer demand.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with FIMM USA, Inc. equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the compa...
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