EXPLANATION
BACKGROUND: The Columbus Department of Development is proposing to enter into a two-part Jobs Growth Incentive Agreement with The Ohio State University, an Ohio public institution of higher education, and/or other OSU affiliated entities (collectively “GRANTEE”) related to a project (the “PROJECT”) to be undertaken at two specifically defined project sites, one being the JGI COLUMBUS SITE for GRANTEE jobs created throughout the City of Columbus and the other being the JGI SITE for non-GRANTEE jobs created by tenant companies locating within an area to be known as the Innovation District in an amount equal to (i) forty percent (40%) of the City of Columbus income tax withheld on the Columbus payroll of New GRANTEE Employees at the JGI COLUMBUS SITE and (ii) forty percent (40%) of the City of Columbus income tax withheld on the Columbus payroll of those new tenant employees of tenant companies leasing space within the structures to be constructed, or caused to be constructed, by the GRANTEE at the JGI SITE, for a term of up to twenty-five (25) years.
The GRANTEE is planning on developing the PROJECT over a twenty to thirty year period and upon the completion and full build out of the PROJECT, the GRANTEE has committed to create expects to create or cause to be created up to 12,000 jobs with an estimated payroll of up to $950 million annually. The GRANTEE is also committed to growing STEAMM (Science, Technology, Engineering, Art, Mathematics and Medicine) talent in the City of Columbus. The GRANTEE, in collaboration with the Columbus City School District and Columbus State Community College, are committing to engage K-12 students in learning about exciting STEAMM careers, garnering educational support to reach STEAMM career goals, thrive in STEAMM fields and increase competitiveness for higher education opportunities.
In developing the PROJECT, the GRANTEE desires to invest or cause to be invested approximately three to four billion dollars in order t...
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