Explanation
BACKGROUND: Resolution 0088X-2007, adopted June 4, 2007, supported the continuation of the Columbus Downtown Office Incentive Program (DOI) as one of the development tools needed to implement the Downtown Business Plan. This legislation authorizes the payments to employers who have met the requirements of their Downtown Office Incentive Program agreement.
For tax year 2011, the City of Columbus had a total of eleven (11) active DOI projects for which employers have met the requirements of their DOI agreements and thus are eligible to receive their payments for 2011. The total dollar amount to be disbursed for these eleven (11) 2011 DOI payments is $1,050,418.80. The eleven (11) projects with the DOI payment subtotals are as follows: $11,652.28 to Brady, Ware & Shoenfeld; $1,574.23 to CoverMyMeds, LLC; $6,021.79 to Engauge; $3,038.01 to GSP/OH Inc.; $278,924.58 to Momentive Specialty Chemicals, Inc., $29,322.56 to Motorists Insurance Group; $25,354.77 to Ohio Credit Union League & Affiliate; $350,000.00 to OhioHealth Corporation; $24,335.51 to Plante & Moran and Affiliates (Agreement #2); $235,862.57 to Resource Interactive; and $84,332.50 to SBC Advertising.
Emergency action is necessary to make payments in accordance with the Downtown Office Incentive Program agreements.
FISCAL IMPACT: This ordinance authorizes and directs the City Auditor to transfer $262,604.70 from the Special Income Tax Fund to the General Fund and authorizes the transfer of $1,050,418.80 within the General Fund. The transfer amount of $262,604.70 has been factored into the current special income tax analysis and resultant capital capacity. The remaining amount of the payment was included in the 2011 General Fund Budget.
Title
To authorize and direct the City Auditor to transfer $1,050,418.80 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $262,604.70 in cash from the Special Income Tax Fund to the General Fund; to aut...
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