Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone Agreement with Simpson Manufacturing Co., Inc. dba Simpson Strong-Tie Company Inc. The Ohio Enterprise Zone law Section 5709.62(C) of the Ohio Revised Code requires the City to enter into Council-approved agreements between the City and participating companies.
Simpson Manufacturing Co., Inc. dba Simpson Strong-Tie Company Inc. (“Simpson Strong-Tie”) was established in 1956 and has its headquarters in Pleasanton, California. The company is a leader in designing, engineering and manufacturing wood construction projects, including connectors, truss plates, fastening systems, fasteners and shear walls, and concrete construction products, including adhesives, specifically chemicals, mechanical anchors, powder actuated tools and reinforcing fiber materials.
Simpson Strong-Tie is proposes to invest a total project cost of approximately $25,000,000, which includes $14,000,000 in real property improvements, $6,000,000 in acquisition of buildings, and $5,000,000 in machinery and equipment to construct an approximately 305,413 square-foot Class A flex industrial facility addition adjacent to the company’s existing site at 2600 International Street Columbus, Ohio 43228, parcel numbers 560-212875, 560-216014, and 560-302754 (the “Project Site”). In addition, the company anticipates that the development of the proposed project will lead to the creation of 125 net new full-time permanent positions with an estimated new annual payroll of approximately $5,203,983 and the retention of 374 full-time permanent positions with an estimated annual payroll of approximately $20,840,277 at the Project Site.
The Department of Development recommends a 75%/10-year Enterprise Zone tax abatement on real property improvements.
The Hilliard City School District and Tolles Career & Technical Center has been advised of this project.
This legislation is presented as 30-day legislation.
FISCAL IMPACT:
No funding is...
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