Explanation
BACKGROUND:
Ordinance No. 0163-2004 authorized the Director of the Development Department to enter into a Columbus Downtown Office Incentive Program agreement with Plante & Moran. As a result of entering into this agreement, the City has received $173,812.93 in income tax withholding from Plante & Moran in 2006. Plante & Moran has met all requirements to satisfy the agreement in 2006 and now qualifies for the CDOI payment in the amount of $86,906.47. Plante & Moran is in the third year of their five-year term for this incentive.
FISCAL IMPACT:
The 2007 General Fund Budget includes funding for this incentive payment.
Title
To authorize and direct the payment of $86,906.47 to Plante & Moran in accordance with the Downtown Office Incentive Program agreement; to authorize the expenditure of $86,906.47 from the General Fund; and to declare an emergency. ($86,906.47)
Body
WHEREAS, ordinance No. 0163-2004 authorized the Director of the Development Department to enter into a Downtown Office Incentive Program agreement with Plante & Moran; and
WHEREAS, Plante & Moran has met all requirements to satisfy the agreement; and
WHEREAS, the City will pay Plante & Moran a Downtown Office Incentive payment in the amount of $86,906.47; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to adopt this Ordinance, 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 Plante & Moran in the amount of $86,906.47.
Section 2. That the expenditure of $86,906.47, 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 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.