Explanation
BACKGROUND: This legislation authorizes the payment to an employer associated with the following active project which has met the requirements of the respective Jobs Growth Incentive Program (JGI) agreement and is eligible for payment for the 2011 reporting (tax) year: The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC.
FISCAL IMPACT: The total dollar amount to be disbursed for the 2011 JGI payment for The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC project is not to exceed $638,522.78. The 2012 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 $159,630.70 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize the City Auditor to transfer $21,985.75 between object levels within the General Fund; to authorize and direct the City Auditor to transfer an amount not to exceed $638,522.78 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $159,630.70 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make a payment not to exceed $638,522.78 in accordance with the Jobs Growth Incentive Program agreement to The Huntington National Bank et al; to authorize an expenditure not to exceed $638,522.78 from the General Fund; and to declare an emergency. ($638,522.78)
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 $638,522.78 to The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC; 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 City Auditor is hereby authorized and directed to transfer $21,985.75 within the Department of Finance & Management, Department/Division 45-01, Fund No. 010 from Object Level One 01, Object Level Three 1101, OCA 450015 to Object Level One 10, Object Level Three 5501, OCA 904508.
Section 2. That the City Auditor be and is hereby authorized and directed to transfer an amount not to exceed $638,522.78 within the General Fund, Fund No. 010 from the Department of Finance & Management, Department/Division 45-01, Object Level One 10, Object Level Three 5501, OCA 904508 to the Department of Development, Economic Development Division, Division No. 44-02, Object Level One 05, Object Level Three 5513, OCA 440314.
Section 3. That the sum of $159,630.70 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, 2012 to the City Auditor Department 22-01, Object Level One 10, OCA Code 902023, Object Level Three 5501.
Section 4. That the City Auditor is hereby authorized to transfer $159,630.70 in cash only to the General Fund, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 5513, OCA 440314.
Section 5. That the City Auditor is hereby authorized and directed to make a payment in accordance with the Jobs Growth Incentive Program agreement in an amount not to exceed $638,522.78 to The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC.
Section 6. That the expenditure of $638,522.78, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, General Fund, Fund 010, OCA Code 440314, Object Level Three 5513.
Section 7. 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.