126-97 OrdinanceORDINANCE NO. ~~-97
APPROVING A TAX CREDIT AGREEMENT WITH ASHLAND CHEMICAL
COMPANY, A DIVISION OF ASHLAND, INC.; AND AUTHORIZING,
CONFIRMING AND RATIFYING THE EXECUTION OF THAT TAX
CREDIT AGREEMENT.
WHEREAS, the proposed expansion (the "Project") by Ashland Chemical Company, a
'~""" division of Ashland Inc. (the "Company") of its research center located at 5200 Blazer Parkway
in the City of Dublin, Ohio (the "City") will involve the creation of 100 new jobs over three
,,, e~ years; and
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code ("O.R.C. ") (the
"Act"), the State of Ohio (the "State") established the Ohio Jobs Creation Tax Credit Authority
(the "Authority") and is authorized to execute agreements with taxpayers of the State of Ohio
for the purpose of granting these taxpayers job creation tax credits against the taxpayers
corporate franchise or income tax which tax credits are provided to create new jobs in the State;
and
WHEREAS, the Authority, on December 6, 1996, granted the Company's request for
a State income tax credit for creation of jobs pursuant to the Act; and
WHEREAS, pursuant to Section 718.08, O.R.C. (the "City Act"), a municipal
corporation is authorized to grant local income tax credits to taxpayers which have received a
tax credit from the State; and
WHEREAS, the granting of the tax credits by the City for the proposed expansion by the
Company will create jobs and increase opportunities for employment and strengthen the economy
of the City; and
WHEREAS, receiving these tax credits from the State and the City is a critical factor in
the Company's decision to go forward with the project; and
WHEREAS, the City and the Company have entered into a Tax Credit Agreement dated
as of September 1, 1997 (the "Tax Credit Agreement") specifying all of the conditions of the
tax credit to be granted to the Company by the City, a copy of which executed Tax Credit
Agreement is on file with the Clerk of the Council; and
NOW, THEREFORE, BE IT ORDAINED by the City of Dublin, Franklin, Union and
Delaware Counties, Ohio, that:
Section 1. The Council hereby finds and determines that the Project will (1) create jobs
in the State and City; (2) the Project is economically sound and will benefit the people of the
State and City by increasing opportunities for employment and strengthening the economy of the
State and City; and (3) receiving the aforementioned tax credits is a critical factor in the decision
by the Company to go forward with the Project.
Section 2. To provide assistance to the Company and thereby induce the Company to
locate the Project in the City, the execution of the Tax Credit Agreement by the City Manager
and the Director of Finance, for and in the name and on behalf of the City, is hereby approved,
confirmed and ratified.
Section 3. The City Manager and the Director of Finance shall execute, deliver and, if
applicable, file, for and in the name and on behalf of the City, any other materials, documents
or certifications which are necessary or appropriate to consummate the transactions contemplated
in this ordinance and the Tax Credit Agreement.
Section 4. This Council finds and determines that all formal actions of this Council
concerning or relating to the passage of this ordinance were taken in an open meeting of this
Council and that all deliberations of this Council that resulted in those formal actions were in
meetings open to the public in compliance with the law.
Section 5. This ordinance shall take effect in accordance with Section 4.04 of the City
Charter.
Sign
P siding Officer
Attest:
Clerk of Council
Passed: ~J~ , 1997
Effective: 1997
1 hereby certify that copies of this Ordinance~+a~'r were posted in the
City of Dublin in accordance with Section 731.25 of the C!io Reused tod~,
i~
_1 t-S~-fler of mtil, Dub n, hio
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