Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with Columbus Steel Castings Co. dba Columbus Castings (Columbus Castings) and OneSource Employee Management, LLC (OneSource). 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.
Columbus Castings is the largest single site steel foundry in North America and one of five such foundries in the United States. The company manufactures steel castings for freight and passenger rail cars, locomotives, mining equipment, industrial magnets, construction equipment and heavy industrial industries. The company is the largest manufacturer located within the City of Columbus dating its roots back to 1881 when the Murray-Hayden Foundry, a small iron foundry, served a growing agricultural based economy.
The business flourished when it began manufacturing iron couplers for an infant rail industry and in 1891, the name was changed to the Buckeye Automatic Car Coupler Company. As the American rail industry expanded, the appetite for iron couplers grew and in 1894, the operation was relocated to a larger facility on Russell Street. The name was changed to the Buckeye Malleable Iron and Coupler Company to reflect its new emphasis on iron couplers. The American rail industry growth boomed through the early 1900’s, the demand for iron couplers soon exceeded capacity, and the business moved to the present day location on Parsons Avenue in 1902. Today, the company is owned by Protostar Partners, LLC, a private equity firm out of New York, which purchased Columbus Steel Castings in 2008 after the company went through several ownership and leadership conversions, and renamed it Columbus Castings.
OneSource Employee Management, LLC is a professional employer organization (PEO) and provides a litany of human r...
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