Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Franklin International, 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.
Franklin International, Inc., founded in 1935, is a manufacturer and distributor of adhesives whose headquarters, central production and distribution facility are in Columbus, Ohio. This project is an expansion of their production and distribution facilities. Over the last several years, Franklin International, Inc.’s sales growth and the increasing complexity of their business have created significant inefficiencies in the daily operations of their Industrial plant and Dock 4 areas. A major obstacle in this effort is the inability to expand the Industrial plant and Dock 4 areas from a facilities or building standpoint. These facilities are "landlocked" and expansion of the existing building is not feasible. The construction of the new facility and renovation of existing facility will allow operations to expand by 44 percent.
Franklin International, Inc. is proposing to invest a total project cost of approximately $12,500,000, including $3,500,000 in new construction to build a new 21,780 sq. ft. facility and renovate an existing 30,000 sq. ft. industrial structure located at 174 Hosack Street, Columbus, Ohio, 43207 parcel number 010-025691 into a production and distribution facility (“Project Site”). The company anticipates that the development of the proposed project will lead to the creation of 2 net new full-time permanent positions with an estimated new annual payroll of approximately $88,650 and the retention of 350 jobs with an approximate annual payroll of $24,838,883 at the proposed Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Columbus City School District has been advised of this proj...
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