Explanation
BACKGROUND: This legislation authorizes; (1) payment to The Ohio State University on behalf of its Ohio State University Medical Center once they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011, 2012, and 2013 reporting (tax) years and; (2) payment to Ohio State University Physicians, Inc. once they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011 and 2012 reporting (tax) years.
The total dollar amount projected to be disbursed for the 2011, 2012 and 2013 JGI payment to The Ohio State University on behalf of its Ohio State University Medical Center is $5,567,500.00. The total dollar amount to be disbursed for the 2011 and 2012 JGI payment to Ohio State University Physicians, Inc. is $1,700,950.19. The total amount projected for both payments is $7,268,450.19.
FISCAL IMPACT: The 2013 General Fund budget (citywide account) includes funding for this payment. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $1,817,112.55 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfer an amount of $7,268,450.19 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $1,817,112.55 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments in accordance with the Jobs Growth Incentive Program agreements to The Ohio State University on behalf of its Ohio State University Medical Center and to Ohio State University Physicians, Inc. for payments totaling $7,268,450.19; to authorize an expenditure of $7,268,450.19 from the General Fund; and to declare an emergency. ($7,268,450.19)
Body
WHEREAS, the Columbus Jobs Growth Incentive Program is one of the development tools utilized by the City of Columbus to encourage new job creation; and
WHEREAS, it is necessary to authorize a payment to an employer who has met the requirements under their Jobs Growth Incentive Program agreement; and
WHEREAS, it is necessary at this time to; (1) authorize a payment of $5,567,500.00 to The Ohio State University on behalf of its Ohio State University Medical Center when they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011, 2012, and 2013 reporting (tax) years and to (2) authorize a payment of $1,700,950.19 to Ohio State University Physicians, Inc. when they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011 and 2012 reporting (tax) years; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to make payments in accordance with the Jobs Growth Incentive Program agreements, all for the preservation of the public health, property, safety; and welfare; NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. When the requirements of The Ohio State University on behalf of its Ohio State University Medical Center Jobs Growth Incentive Program agreement and the requirements of the Ohio State University Physicians, Inc. Jobs Growth Incentive Program agreement are met, that the City Auditor be and is hereby authorized and directed to transfer an amount of $7,268,450.19 within the General Fund, Fund No. 010 from the Department of Finance & Management, Department/Division 45-01, Object Level One 10, Object Level Three 5501, OCA 904508 to the Department of Development, Economic Development Division, Division No. 44-02, Object Level One 05, Object Level Three 5513, OCA 440314.
Section 2. That the sum of $1,817,112.55 is hereby appropriated from the un-appropriated balance of the Special Income Tax Fund, Fund 430, and from all monies estimated to come into said fund from any and all sources and un-appropriated for any other purpose during the fiscal year ending December 31, 2013 to the City Auditor Department 22-01, Object Level One 10, OCA Code 902023, Object Level Three 5501.
Section 3. That the City Auditor is hereby authorized to transfer $1,817,112.55 in cash only to the General Fund, Economic Development Division, Division 44-02, Object Level One 05, Object Level Three 5513, OCA 440314.
Section 4. That the City Auditor is hereby authorized and directed to make payments in accordance with the Jobs Growth Incentive Program agreements as follows: an amount of $5,567,500.00 to The Ohio State University on behalf of its Ohio State University Medical Center and an amount of $1,700,950.19 to Ohio State University Physicians, Inc.
Section 5. That the expenditure of $7,268,450.19 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 440314, Object Level Three 5513.
Section 6. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
Section 7. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this 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.