Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with International Technical Coatings in an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, for a term of up to five (5) consecutive years.
International Technical Coatings (“ITC”) founded in 1993, is one of the largest producers of wire mesh shelving in the United States. Currently headquartered in Phoenix Arizona, ITC is a supplier to stores such as Home Depot, Wal-Mart, Lowes, Sam’s Club, Ikea, and Costco. ITC also has a distribution facility in Dayton, Ohio. ITC has annual sales of $50 million and supplies 25% of the $250 million wire mesh shelving market. Some products and services offered by ITC include production of a wide variety of wire products while specializing in decking, shelving, and custom wire applications.
ITC proposes to invest total project cost of approximately $14,200,000 including $13,500,000 in machinery and equipment and $700,000 in improvements to existing buildings to add a production line at their current manufacturing facility at 845 E. Markison Ave., Columbus, Ohio 43207, parcel number 010-289599 (“Project Site”) that will increase production by 50%. The company will create 67 net new full-time permanent positions with an annual payroll of $3,151,830 and retain 165 full-time permanent positions with an annual payroll of $8,340,000 at the Project Site.
This legislation is presented as 30-day legislation.
FISCAL IMPACT: No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with International Technical Coatings for a...
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