Explanation
BACKGROUND: This legislation authorizes the payment to employers associated with two (2) active projects who have met the requirements of their respective Jobs Growth Incentive Program (JGI) agreements and are eligible for payment for the 2010 reporting (tax) year: (1) The Ohio State University on behalf of its Ohio State University Medical Center and (2) JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp.
FISCAL IMPACT: The total dollar amount to be disbursed for the 2010 JGI payment for these two (2) projects is not to exceed $1,862,445. The two (2) projects with the JGI payment subtotals are as follows: An amount not to exceed $1,017,990 to The Ohio State University on behalf of its Ohio State University Medical Center; and an amount not to exceed $844,455 to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp. The 2011 General Fund budget (citywide account) includes funding for this payment. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $465,611.25 has been factored into the current special income tax analysis and resultant capital capacity. The 2011 general fund transfer ordinance is being prepared by the Finance & Management Department and will provide sufficient appropriation for this purpose.
Title
To authorize and direct the City Auditor to appropriate and transfer $465,611.25 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments not to exceed $1,862,445 in accordance with the Jobs Growth Incentive Program agreements to The Ohio State University on behalf of its Ohio State University Medical Center and to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp.; to authorize an expenditure not to exceed $1,862,445 from the General Fund; and to declare an emergency. ($1,862,445)
Body
WHEREAS, the Columbus Jobs Growth Incentive Program is one of the development tools utilized by the City of Columbus to encourage new job creation; and
WHEREAS, it is necessary to authorize payments to employers who have met the requirements under their Jobs Growth Incentive Program agreements; and
WHEREAS, it is necessary at this time to authorize payment in an amount not to exceed $1,017,990 to The Ohio State University on behalf of its Ohio State University Medical Center; and an amount not to exceed $844,455 to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp.; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to make payments in accordance with the Jobs Growth Incentive Program agreements, all for the preservation of the public health, property, safety; and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the sum of $465,611.25 is hereby appropriated from the un-appropriated balance of the special income tax fund, Fund 430, and from all monies estimated to come into said fund from any and all sources and un-appropriated for any other purpose during the fiscal year ending December 31, 2011 to the City Auditor Department 22-01, Object Level One 10, OCA Code 902023, Object Level Three 5501.
Section 2. That the City Auditor is hereby authorized to transfer $465,611.25 in cash only to the General Fund, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 0886, OCA 440314.
Section 3. That the City Auditor is hereby authorized and directed to make payments in accordance with the Jobs Growth Incentive Program agreements as follows: An amount not to exceed $1,017,990 to The Ohio State University on behalf of its Ohio State University Medical Center; and an amount not to exceed $844,455 to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp.; with the total of these payments of an amount not to exceed $1,862,445.
Section 4. That the expenditure of $1,862,445, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-02, General Fund, Fund 010, OCA Code 440314, Object Level Three 5513.
Section 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.