Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with International Diversified Funding, Inc. equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years.
International Diversified Funding, Inc. provides credit counseling and performs credit repair services. The company began in 1998 and is headquartered in Stateline, Nevada.
International Diversified Funding, Inc. is proposing to relocate and expand its branch office currently located in Worthington, Ohio to Columbus, Ohio. The company is proposing to lease approximately 20,000 square feet at 7450 Huntington Park Drive should the project go forward.
This legislation is requested to be considered as an emergency in order to allow International Diversified Funding, Inc. 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 International Diversified Funding, Inc.; 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 International Diversified Funding, Inc.; and
WHEREAS, International Diversified Funding, Inc. is proposing to enter into a 6-year lease and improve property located at 7450 Huntington Park Dr., to accommodate expansion; and
WHEREAS, International Diversified Funding, Inc. has indicated that a Jobs Growth Incentive is crucial to its decision to locate the aforementioned consolidation/expansion in Columbus; and
WHEREAS, the City of Columbus desires to facilitate International Diversified Funding, Inc.'s future growth at the project site by the creation of new jobs; and
WHEREAS, in consideration of International Diversified Funding, Inc.'s proposed
investment of $2.3 million, the relocation/retention of 48 full-time permanent employees, which will be new to Columbus and the creation of 102 permanent full-time jobs; and
WHEREAS, emergency action is necessary in order to allow IDF 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 International Diversified Funding, Inc., 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 new income tax withheld on employees for a term of five (5) years with International Diversified Funding, Inc. beginning January 1, 2009.
Section 2. That each year of the term of the agreement with International Diversified, Inc., 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.