Explanation
BACKGROUND: This legislation authorizes the payment to an employer who has met the requirements of their Jobs Growth Incentive (“JGI”) Program agreement and is eligible for payment for the 2024 reporting (tax) year.
For tax year 2024 (also calendar year and/or report year), the City of Columbus has one (1) additional JGI agreement for which the reporting deadline differs from other agreements. After careful examination and review of its annual report, this particular organization has met the requirements of their JGI agreement and thus is eligible to receive their benefit payment for calendar year 2024. The total dollar amount to be disbursed for this one (1) 2024 JGI payment is $597,060.75 and will be disbursed to The Ohio State University.
Emergency action is requested to allow the City to authorize payment by the end of the fourth quarter of this year and appropriate payment as required by the Jobs Growth Incentive Agreement.
FISCAL IMPACT:
The 2025 General Fund budget (citywide account) includes funding for this payment. A amount equal to 25 percent (25%) of the payment will be expended from the Special Income Tax Fund.
Title
To authorize the City Auditor to appropriate the sum of $119,412.15 within the General Fund Income Tax Set Aside Subfund; to authorize and direct the City Auditor to transfer an amount not to exceed $477,648.60 within the General Fund; to authorize and direct the City Auditor to make a payment not to exceed a total of $597,060.75 in accordance with the Jobs Growth Incentive (JGI) Program for the one (1) remaining JGI agreement for which the employer (The Ohio State University) has met all of the requirements set forth in their JGI agreement but has not been paid and thus is eligible to receive their payment for tax year 2024 (also calendar year and/or report year) in 2024; to authorize the expenditure not to exceed of $597,060.75 from the General Fund; and to declare an emergency. ($597,060.75)
Body
WHEREAS, the City Auditor is authorized to appropriate the sum of $119,412.15 within the General Fund Income Tax Set Aside Subfund; to authorize the City Auditor to transfer $477,648.60 within the General Fund; to authorize the expenditure of up to $597,060.75 in accordance with the Jobs Growth Incentive (JGI) Program for one (1) remaining JGI agreement for which the employer has met all of the requirements set forth in their JGI agreement but has not been paid and thus is eligible to receive their payment for tax year 2024 (also calendar year and/or report year) in 2024; and
WHEREAS, the Columbus Jobs Growth Incentive (“JGI”) 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 payments to employers who have met the requirements under their Jobs Growth Incentive Program agreement; and
WHEREAS, the City of Columbus had an additional active JGI project which met all of the requirements of their JGI as related to the JGI Agreement and thus is eligible to receive their payment for tax year 2024 (also calendar year and/or report year) in 2024, and the total dollar amount to be disbursed for this one (1) JGI payment is $597,060.75; and
WHEREAS, it is necessary at this time to authorize payment amount of $597,060.75 to The Ohio State University, which has met all of the requirements of the JGI program; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to make payments by the end of the calendar year in accordance with the Jobs Growth Incentive Program agreement, 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 from the unappropriated monies and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ended December 31, 2025, the sum of $119,412.15 is appropriated in Fund 1000 (Income Tax Set Aside Subfund), Dept-Div 44-02 (Economic Development) in Object Class 05 (Other) per the accounting codes in the attachment to this ordinance.
SECTION 2. That the transfer of $477,648.60 in appropriation or so much thereof as may be needed, is hereby authorized within Fund 1000 (General Fund), from Dept-Div 45-01 (Administration), Object Class 10 (Transfer) to Dept-Div 44-02 (Economic Development), Object Class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 3. That the expenditure of $119,412.15 or so much thereof as may be needed, is hereby authorized in Fund 1000 (General Fund), Subfund 100099 (Income Tax Set Aside Subfund), Dept-Div 44-02 (Economic Development), in Object Class 05 (Other) per the accounting codes in the attachment to this ordinance.
SECTION 4. That the expenditure of $477,648.60 or so much thereof as may be needed, is hereby authorized in Fund 1000 (General Fund), Dept-Div 44-02 (Economic Development), in object class 05 (Other) per the accounting codes in the attachment to this ordinance.
SECTION 5. That funds are hereby deemed appropriated and expenditures and transfers authorized to carry out the purposes of this ordinance and the City Auditor shall establish such accounting codes as necessary.
SECTION 6. That the City Auditor is hereby authorized and directed to make the following payments when initiated by the Director of Development in accordance with the Jobs Growth Incentive Program agreement as follows: $597,060.75 to The Ohio State University.
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.