Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Highlights for Children, Inc., Highlights Consumer Services, Inc., Highlights Press, Inc., Highlights for Children International, Inc. and Highlights Licensing, Inc. (all five entities will collectively be referred to herein after as "Highlights for Children") equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. Highlights for Children will make an investment of approximately $1.0 million, which includes furniture and fixtures, create 50 new full-time permanent positions and retain 164 existing jobs in the City of Columbus.
Highlights for Children was founded in 1946 by Dr. Garry Cleveland Myers and Caroline Clark Myers in Honesdale, Pennsylvania. The company is a family media brand of magazines and books dedicated to the belief that children are the world's most important people. Highlights for Children magazine offers kids an opportunity to discover a love for learning, while exploring new experiences in science, reading and puzzle solving. Highlights for Children also operate other publishers, mostly located in Ohio, Pennsylvania and the New England area of the United States. The Highlights group focuses on everything from professional development seminars and conferences for educators to publishing children's books and producing magazines and professional books for teachers.
Highlights for Children is proposing to expand its current corporate headquarters located at 1800 Watermark Drive, to meet its increased growth and consumer demand.
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 Highlights for Children, Inc. et al equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company's proposed investment of $1.0 million, the creation of 50 new full-time permanent positions and the retention of 164 full-time jobs.
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 Jobs Growth Incentive Application from Highlights for Children; and
WHEREAS, Highlights for Children is proposing to expand its corporate headquarters located at 1800 Watermark Drive; and
WHEREAS, Highlights for Children has indicated that a Jobs Growth Incentive is crucial to its decision to expand the aforementioned office in Columbus; and
WHEREAS, the City of Columbus desires to facilitate Highlights for Children's future growth at the project site; and
WHEREAS, in consideration of Highlights for Children's proposed investment of $1.0 million, the creation of 50 new full-time permanent positions and the retention of 164 existing jobs; 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 Agreement with Highlights for Children, Inc., Highlights Consumer Services, Inc., Highlights Press, Inc., Highlights for Children International, Inc. and Highlights Licensing, Inc. equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years.
Section 2. Each year of the term of the agreement with Highlights for Children 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 the City of Columbus Jobs Growth Incentive Agreement is signed by Highlights for Children within 90 days of passage of this ordinance, or this ordinance and the credit herein shall be null and void.
Section 4. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.