Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Job Creation Tax Credit Incentive Agreement with Plaskolite, LLC equal to fifty-five percent (55%) of the amount of personal income tax withheld on new employees to Columbus for a term of up to six (6) years.
Plaskolite, LLC (Plaskolite) is the world’s leading manufacturer of acrylic sheet, acrylic resin, ABS, PETG, acrylic mirror sheet and performance enhancing hard coatings. The Columbus-based headquarters operates facilities in Columbus and Zanesville, Ohio; Texas; Compton, Calif.; Olive Branch, Mississippi.; and Monterrey, Mexico and Holland. Plaskolite, LLC also holds a joint venture in Malatya, Turkey.
Plaskolite, LLC is proposing to expand their corporate headquarters and back office operations to an office space located in downtown Columbus at 400 West Nationwide Boulevard for a lease term of ten (10) years and an option for two (2) additional five-year (5) lease renewals. Plaskolite, LLC is also proposing to invest approximately $2,000,000 in leasehold improvements, which includes improvements to the existing building and the addition of computers, furniture and fixtures. This project is expected to involve the relocation of 57 full-time permanent positions from Plaskolite, LLC’s existing Joyce Avenue facility with an annual payroll of approximately $10,114,830. Additionally, the company will create approximately 30 net new full-time permanent positions within three years of the relocation to the Project Site with an annual payroll of approximately $2,551,000. Plaskolite, LLC will retain 211 full-time permanent positions at its existing Columbus plant on Joyce Avenue.
Plaskolite, LLC is Joseph T. Ryerson & Son, Inc. is requesting a fifty-five (55) percent, six (6)-year Job Creation Tax Credit from the City of Columbus to assist in the expansion of its corporate headquarters.
FISCAL IMPACT: No funding is required for this legislation
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