Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Loeb Electric and Loeb Lighting Services (collectively to be referred to hereinafter as “Loeb Electric”) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. Loeb Electric will make an investment of approximately $3,100,000, which includes acquisition and real property improvement, and relocate 136 full-time positions, which will be new to the City of Columbus.
Loeb Electric is a family-owned electrical company founded by Arthur Loeb in 1912. The company serves the retail, warehouse, restaurant, office and industrial sectors. It offers ballasts, batteries, conduit fittings, fans, transformers, smoke detectors, wiring devices, timers, lamp changers, fuses, fasteners, and telecommunication devices. Loeb Electric additionally offers products from manufacturers, such as McGill, Holophane, Lightolier, Lithonia, Metalux, Progress, Hubbell, Kenall, GCE, Leviton, Wiremold, Edwards, Maple Chase, Acme, Cutler-Hammer, Buchanan, Gardner Bender and Thomas & Betts. Loeb Lighting Services is a wholly-owned subsidiary of Loeb Electric.
Loeb Electric is proposing to relocate its corporate headquarters from Grandview Heights to the City of Columbus by acquiring a vacant commercial property further known as 1800 E. Fifth Avenue (formally Columbus Wood Products), to consolidate its two operations and improve efficiencies.
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 Loeb Electric and Loeb Lighting Services 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 proposed investment of approximately $3,100,000, and the relocation of 136 full-time jobs, which will be n...
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