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Monroe Invests in UGN

Printed From: Main Street Monroe
Category: Voice Forums
Forum Name: The Voice
Forum Description: Monroe, Ohio news, information and opinions
URL: https://voice.mainstreetmonroe.com/forum_posts.asp?TID=3419
Printed Date: Oct 21 2019 at 8:08pm


Topic: Monroe Invests in UGN
Posted By: Monroe News
Subject: Monroe Invests in UGN
Date Posted: Apr 13 2018 at 10:41am


Ordinance No. 2018-05. An Ordinance authorizing a fifty percent net profits rebate, waiving a
portion of building fees, and extending the reduction in the water rate for UGN, Inc.
Mrs. Waggaman advised Council that two representatives from UGN were present along with Mrs.
Patterson if Council has any questions.

Mr. Hickman sought confirmation of the total amount of the abatement value of the profits being
over $1 million. Mrs. Patterson explained that it is difficult to estimate that because there are so
many things that offset the corporate net profits. As their profits grow our percentage grows, which
increases their incentive. Mrs. Patterson added that the additional water incentive is estimated at
$50,000 and the waived building fees would be approximately $16,000.

Mr. Clark moved to consider this the first reading of Ordinance No. 2018-05 and have it read by
title only; seconded by Mr. Frentzel. Voice vote. Motion carried.

Source: Monroe Council Minutes
Regular Meeting of Council
March 27, 2018 – 6:30 p.m.
233 South Main Street, Monroe, Ohio


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Monroe, Ohio Breaking News



Replies:
Posted By: Houndog
Date Posted: Apr 15 2018 at 9:27pm
What is 'UGN'?

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Posted By: John Beagle
Date Posted: Apr 16 2018 at 8:59am


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The privilege of a lifetime is being who you are.
-Joseph Campbell


Posted By: John Beagle
Date Posted: Apr 16 2018 at 9:00am
UGN, Inc. was founded in 1986 as a partnership between Nihon Tokushu Toryo Co. Ltd., (Nittoku), and Autoneum Holding AG. We are the preferred producer of high-quality acoustic, interior trim, thermal management products, and a recognized leader in customer satisfaction for the Japanese transplant automotive industry in North America.

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The privilege of a lifetime is being who you are.
-Joseph Campbell


Posted By: John Beagle
Date Posted: Apr 25 2018 at 1:58pm

Ordinance No. 2018-05A. An Ordinance authorizing a fifty percent net profits rebate, waiving a 
portion of building fees, and extending the reduction in the water  rate  for UGN,  Inc.  (Second 
Reading)

Mr.  Brock  stated  that  this  is  the  second  reading  and  pointed  out  the  CFO  of  UGN  is  
in  the audience this evening and asked that Council adopt this as an emergency.

Mr. Clark moved to consider this the second reading of  Ordinance No. 2018-05A and have it read by 
title only; seconded by Mr. Hickman.  Voice vote.  Motion carried.

The Clerk of Council read Ordinance No. 2018-05A by title only.

Mr. Clark moved to suspend the rule requiring the reading of Ordinance No. 2018-05A on two separate 
days,  authorize  its adoption on its second reading; seconded  by Mrs. Hale.   Roll call
vote:  seven ayes.  Motion carried.

Source: Monroe Council Minutes 
Regular Meeting of Council
April 10, 2018 – 6:30 p.m.





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The privilege of a lifetime is being who you are.
-Joseph Campbell


Posted By: Monroe News
Date Posted: May 07 2018 at 2:41pm
Emergency  Ordinance  No.  2018-07.    An  Ordinance  amending  Emergency  Ordinance  No. 2018-05A 
t   authorize a net profits credit as opposed to a rebate to UGN, Inc. and declaring an
emergency.

Background.   On  April  10,  2018,  City  Council  approved  the  second  reading  of  Emergency 
Ordinance  No.  2018  -  05A  to  allow  for  incentives  related  to  UGN's  potential  155,000  
SF expansion  at  their  facility  at  201  Exploration  Drive.   One  of  the  incentives  
referenced  in  the legislation was a 50% corporate net profits rebate for eight years, beginning 
with tax year 2019.

After  further  review,  staff  believes  that  it  is  most  appropriate  to  frame  the  
incentive  as  a corporate net  profits  credit rather  than  a rebate.   This is because  rebated  
funds would  have  to come from the City's non-tax revenue, and this could create future strain on 
certain line items within the City's budget.  By moving to a credit, the City will not have to 
issue non-tax revenue to fulfill the agreement.  Instead, the company will provide full estimated 
quarterly payments as usual and reconcile the payments with the tax credit at the appropriate time.
There is no change in the estimated value of this incentive.


Source: Monroe Council Agenda
Regular Meeting of Council
May 8, 2018 – 6:30 p.m.
233 South Main Street, Monroe, Ohio


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Monroe, Ohio Breaking News


Posted By: Monroe News
Date Posted: May 30 2018 at 2:11pm

Emergency Ordinance No. 2018-07.  An Ordinance amending Emergency Ordinance No. 2018- 05A  to  
authorize  a  net  profits  credit  as  opposed  to  a  rebate  to  UGN,  Inc.  and  declaring  an 
emergency.

Mr. Brock advised that after review of the incentive agreement we looked at the rebate versus the 
credit and we need to switch that rebate to a credit as a rebate may put a strain on some of the 
line
items in the future.  He noted that it does not change the amount of the incentive.

Mrs. Hale moved to suspend the rule requiring the reading of Emergency Ordinance No. 2018-07 on two 
separate days, authorize its adoption on the first reading, and have it read by title only; 
seconded by Mr. Frentzel.  Voice vote.  Motion carried.

The Clerk of Council read Emergency Ordinance No. 2018-07 by title only.

Mrs. Hale moved to adopt Emergency Ordinance No. 2018-07; seconded by Mrs. McElfresh.  Roll
call vote:  six ayes.  Motion carried.



Source: Monroe Council Minutes
Regular Meeting of Council May 8, 2018 – 6:30 p.m.
233 South Main Street, Monroe, Ohio



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Monroe, Ohio Breaking News



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