Explanation
Background:
This legislation authorizes the Director of Development to amend the existing Jobs Creation Tax Credit Agreement (JCTC) with Value Recovery Group, Inc. to include Sequent, Inc. as the employer of record. Columbus City Council approved the JCTC by Ordinance No. 0457-2004, adopted March 29, 2004. The project is located at 919 Old Henderson Road, Columbus, Ohio 43220.
The tax credit is 50% for a term of five (5) taxable years. The City granted the JCTC in order for Value Recovery Group, Inc. to invest $147,000 in furniture & fixtures, retain 8 (eight) full-time permanent jobs and create 15 (fifteen) full-time permanent jobs.
Sequent, Inc. provides human resource duties and is the employer of record.
The Ohio Tax Credit Authority approved on November 1, 2004 to add Sequent, Inc. as the employer of record.
Fiscal Impact :
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Jobs Creation Tax Credit Agreement with Value Recovery Group, Inc. to include Sequent, Inc. as the employer of record.
Body
WHEREAS, the Columbus City Council approved a Jobs Creation Tax Credit (JCTC) for Value Recovery Group, Inc. on March 29, 2004 by Ordinance No. 0457-2004; and
WHEREAS, Value Recovery Group, Inc. plans to invest $147,000 in furniture & fixtures at 919 Old Henderson Road, Columbus, Ohio 43220, retain 8 (eight) full-time permanent jobs and create 15 (fifteen) full-time permanent jobs; and
WHEREAS, the JCTC granted a 50%/5 year credit against the Corporate Municipal Income Tax; and
WHEREAS, the State of Ohio Tax Credit Authority voted on November 1, 2004 to approve adding Sequent, Inc. as the employer of record; 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 amend the Jobs Creation Tax Credit Agreement with Value Recovery Group, Inc. by including Sequent, Inc. as the employer of record.
Section 2. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.