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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR MOMENTIVE SPECIALITY CHEMICALS, INC.; TO REPEAL ORD-0102-2007.
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WHEREAS, the Department of Development created the City of Gahanna Office & Industrial Incentive Program guidelines, which are a statement of policy designed to increase employment opportunities and encourage the establishment of new jobs; and
WHEREAS, the incentive is a yearly payment to the employer based on up to 75% of the net income tax withholding from new job creation for a period of between one and five years; and
WHEREAS, the Department of Development has recommended a modification of the maximum 5 year incentive established in the program guidelines to a term of 6 years for this application; and
WHEREAS, Council has adopted the City of Gahanna Office & Industrial Incentive Program guidelines by ORD-0212-2002; and
WHEREAS, the Incentive Advisory Board met on February 7, 2011 to review the application to grant incentives to Momentive Speciality Chemicals, Inc.; and
WHEREAS, it is in the best interest of the City to approve this as quickly as possible so Momentive Speciality Chemicals, Inc. can add additional employees and begin operations as quickly as possible, and all for the preservation of the public peace, property, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That this Council hereby acknowledges the recommendation of the Incentive Advisory Board for Momentive Specialty Chemicals, Inc.
Section 2. That Momentive Specialty Chemicals, Inc. is approved for a refundable credit of 75% of the net municipal income tax revenue the City derives from new employees of Momentive for a term of 2 years; 50% of the net municipal income tax revenue the City derives from new employees of Momentive for a term of 2 years; and 25% of the net municipal ...
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