Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Core Molding Technologies, Inc. equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of five (5) years.
Core Molding Technologies, Inc., a manufacturer of sheet molding compound and a molder of fiberglass reinforced plastics, is a publicly-traded company headquartered in Columbus, Ohio. Core Molding Technologies, Inc. serves a variety of markets, including medium and heavy-duty trucks, automotive, marine, agriculture and other commercial areas. The company maintains over 1 million square feet of manufacturing space and operates a substantial portion of the large compression molding press capacity in North America with production facilities in Batavia and Columbus, Ohio, Gaffney, South Carolina and Matamoros, Mexico.
Core Molding Technologies, Inc. is proposing an investment of $5,000,000 related to the acquisition of new machinery and equipment for their current 332,000 square foot site located at 800 Manor Park Drive (Parcel Number 570-105330). The company is also considering an existing operation in Gaffney, South Carolina for this expansion. Core Molding Technologies, Inc. will retain 234 employees and create 85 new full-time permanent positions.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Core Molding Technologies, 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 company’s investment of not less than $5,000,000.00 related to the acquisition of new machinery and equipment, the retention of 234 existing positions and the creation of 85 new full-time permanent positions.
Body
WHEREAS, the City desires to increase employment opportunities and enc...
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