Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Information Control Corporation (ICC) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of 5 years.
ICC is the largest locally-owned IT solutions firm in Ohio, providing professional consulting and project outsourcing for mid-market and Fortune 500 companies in a variety of industries. Its services include application development, networking technologies, business intelligence, technical support and project management. Today, ICC has professional staff of over 300 employees and projected revenues to exceed 40 million.
ICC customers include Nationwide, AEP, Cardinal Health, Wendy's, Sterling Commerce, Limited Brands, Abercrombie & Fitch, Huntington, Abbott, and the State of Ohio. Due to constant growth, ICC is expanding. Potential locations for expansion are Hilliard, Dublin and its current headquarters, located at 2500 Corporate Exchange Drive, Suite 310.
Emergency action is necessary in order to allow ICC to begin investing and creating jobs as quickly as possible.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Information Control Corporation; and to declare an emergency.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, the Department of Development has received a completed application for the Jobs Growth Incentive from Information Control Corporation: and
WHEREAS, Information Control Corporation is proposing to lease additional space at 2500 Corporate Exchange Blvd. to accommodate expansion; and
WHEREAS, Information Control Corporation has indicated that a Jobs Growth Incentive is crucial to its decision to go forward with the project in Columbus; and
WHEREAS, the City of Columbus desires to facilitate Information Control Corporation's future growth at the project site by the creation of new jobs; and
WHEREAS, in consideration of Information Control Corporation's investment of $200,000, the retention 247 full-time permanent positions with an annual payroll of $21.6 million, the creation of 90 permanent full-time jobs with an annual payroll of $5.4 million and a commitment to remain at the project site for 2 years longer than the 5 year term of the incentive; and
WHEREAS, emergency action is necessary in order to allow ICC to begin investing and creating jobs as quickly as possible; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Economic Development Division, in that it is immediately necessary to enter into a Jobs Growth Incentive agreement with Information Control Corporation, thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to enter into a Jobs Growth Incentive equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years with Information Control Corporation to begin no later than January 1, 2009.
Section 2. That each year of the term of the agreement with Information Control Corporation, the City's obligation to pay the incentive is expressly contingent upon the passage of an ordinance appropriating and authorizing the expenditure of monies sufficient to make such payment and the certification of the City Auditor pursuant to Section 159 of the Columbus City Charter.
Section 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, the 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.