Explanation
BACKGROUND:
Ordinance 0636-2004, passed April 19, 2004, authorized the Director of the Development Department to enter into a Columbus Downtown Office Incentive Program agreement with GatesMcDonald & Company. GatesMcDonald & Company has moved their Corporate Headquarters to their current location at 215 North Front Street paying $478,987.12 in income tax withholding in 2006 qualifying them for a $239,493.56 incentive payment in 2007.
FISCAL IMPACT:
The 2007 General Fund Budget includes funding for this incentive payment.
Title
To authorize and direct the payment of $239,493.56 to GatesMcDonald & Company in accordance with the Downtown Office Incentive Program agreement; to authorize the expenditure of $239,493.56 from the General Fund; and to declare an emergency. ($239,493.56)
Body
WHEREAS, Ordinance 0636-2004, passed April 19, 2004, authorized the Director of the Development Department to enter into a Downtown Office Incentive Program agreement with GatesMcDonald & Company; and
WHEREAS, GatesMcDonald & Company employ 568 people at 215 North Front Street with a payroll of $23,949,356; and
WHEREAS, The City will pay GatesMcDonald & Company a Downtown Office Incentive payment in the amount of $239,493.56; and
WHEREAS, An emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to make said payment and expend these funds, all for the immediate 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 make payment to GatesMcDonald & Company in the amount of $239,493.56 in accordance with the Downtown Office Incentive Program agreement.
Section 2. That for the purpose stated in Section 1 above, the expenditure of $239,493.56, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, General Fund, Fund 010, OCA 440010, Object Level Three 5513.
Section 3. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is declared to be an emergency measure and shall take effect and be in force from and after its adoption and approval by the Mayor, or ten days after adoption if the Mayor neither approves nor vetoes the same.