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File #: 1790-2019    Version: 1
Type: Ordinance Status: Passed
File created: 6/21/2019 In control: Economic Development Committee
On agenda: 7/22/2019 Final action: 7/25/2019
Title: To authorize the Director of the Department of Development to enter into an Enterprise Zone Agreement with Hildreth Properties, Inc. and Research Alloys Company, Inc. for a tax abatement of fifty percent (50%) for a period of ten (10) consecutive years in consideration of a total proposed capital investment of approximately $4,276,000.00, including $2,215,000.00 in real property improvements and the retention of 12 full-time employees with an annual payroll of approximately $630,640.00 and creation of 6 net new full-time permanent positions with an estimated annual payroll of approximately $224,400.00.
Attachments: 1. ORD1790-2019 Research Alloys - Fact Sheet, 2. ORD1790-2019 Research Alloys - Site Map
Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Hildreth Properties, Inc. and Research Alloys Company, Inc. The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.

Research Alloys Company, Inc. (“Research Alloys”) is a family owned metal recycling company incorporated in 1978. Its main function is to buy metal from industrial companies and the general public to sell to mills, foundries, and brokers. The mills, foundries, and brokers then have the metal melted down into new production materials. Research Alloy’s current small location in Grandview has limited their ability to handle their work in a fully covered facility out of the weather. The new high bay operation will provide an environmentally friendly solution avoiding storm water run-off and ground contamination and allow Research Alloys to hire for their skill based job openings in the Hilltop Neighborhood. Research Alloys is proud of efficient service, industry expertise, competitive pricing, and creative problem solving for its customers metal recycling needs.

Hildreth Properties, Inc. (property owner) and Research Alloys Company, Inc. jointly propose to invest a total cost of approximately $4,276,000, including $2,215,000 in real property improvements to construct a new headquarters and processing facility consisting of approximately 45,000 sq. ft. +/- at 220 N. Algonquin Avenue, Columbus, Ohio, parcel number 010-003930 (“Project Site”). Research Alloys Company, Inc. will be the employer of record, and Hildreth Properties, Inc. will build and relocate its corporate headquarters and processing facility from 799 W. Goodale Boulevard, Grandview Heights, Ohio 43212 to the proposed project site. Additionally, Research Alloys Company, Inc. will relocate and retain 12 full-time employees with an annual payroll of approximately $630,640 and create 6 net new fu...

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