Explanation
BACKGROUND: The need exists to amend the City of Columbus Jobs Growth Incentive Agreement between the City of Columbus (hereinafter “GRANTOR” or the “CITY”) and Sarepta Therapeutics, Inc. (hereinafter “GRANTEE”). Columbus City Council (“COUNCIL”), by Ordinance No. 1192-2020, passed June 15, 2020, authorized the Director of the Department of Development of the CITY to enter into a dual-rate City of Columbus Jobs Growth Incentive Agreement (the “JGI AGREEMENT”) for an annual cash payment equal to (i) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees to the Columbus region and (ii) thirty-five percent (35%) of the City of Columbus income tax withheld on the Columbus payroll for new employees to the Columbus region, who are also City of Columbus residents at the end of each calendar year, for a term of up to five (5) consecutive years. The financial incentive was granted in consideration of the GRANTEE’s total proposed investment of approximately $32,000,000, which included $1,500,000 in computers, $14,000,000 in machinery and equipment, $1,500,000 in furniture and fixtures, and $15,000,000 in leasehold improvements to establish research operations at 3435 Stelzer Road, Columbus, Ohio 43215, parcel number 010-257355 (the “PROJECT SITE”). Additionally, the GRANTEE committed to create 100 net new full-time permanent positions with an annual payroll of approximately $12,300,000 and retain 38 full-time positions with an estimated annual payroll of approximately $4,462,000 (the “PROJECT”) at the PROJECT SITE. The JGI AGREEMENT was made and entered into effective December 28, 2020 with the incentive term to begin January 1, 2021 through December 31, 2025 for a 5-year credit.
Per an offer letter from the CITY dated December 8, 2021 and an acceptance letter received by the Department of Development from the GRANTEE dated February 8, 2022, the GRANTEE indicated they planned to expand their operations and...
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