Explanation
BACKGROUND: The City of Columbus entered into a Downtown Office Incentive Agreement (hereinafter “Agreement”) with Print Syndicate, LLC (also referred to as the “Grantee”) effective July 30, 2013. Columbus City Council approved the Agreement by Ordinance 0994-2013, approved May 6, 2013, and authorized a financial incentive based on an amount equal to fifty percent (50%) of the City of Columbus income tax withholding remitted for the new Columbus employees employed at the project site, to commence on January 1, 2014 for a period of three (3) consecutive taxable years based on an investment of approximately $1.46 million in leasehold improvements, including machinery, equipment, inventory, furniture and fixtures, the relocation and retention of 15 jobs and the creation of 80 new full-time permanent positions at 122 N. Grant Avenue Columbus, Ohio 43215 in downtown Columbus. This Agreement was subsequently authorized by Columbus City Council to be amended for the first time to change the project site address from 122 N. Grant Avenue to 107 S. High Street, and to extend the incentive term from two (2) years to three (3) years as the company entered into a 5-year lease agreement by Ordinance 0835-2014, passed on April 21, 2014, with the first amendment made and entered into effective July 9, 2014.
The Department of Development received a written letter, dated December 10, 2014, from Print Syndicate, LLC requesting the City to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc. as the Grantee restructured its organization from a limited liability company to an incorporated company.
This legislation is requested to be considered as an emergency in order to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc. on the Agreement so that the Downtown Office Incentive payment can be made during the 2015 payment cycle for Report Year 2014 and for the ensuing years moving forward.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Downtown Office Incentive Agreement with Print Syndicate, LLC for the purpose of changing the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc.; and to declare an emergency.
Body
WHEREAS, on May 6, 2013, Columbus City Council passed Ordinance 0994-2013, which authorized the Director of the Department of Development to enter into a Downtown Office Incentive Agreement of fifty percent (50%) for a period of two (2) years with Print Syndicate, LLC; and
WHEREAS, the Downtown Office Incentive Agreement was made and entered into effective July 30, 2013; and
WHEREAS, in the Agreement, Grantee committed to making an investment of approximately $1.46 million in leasehold improvements, including machinery, equipment, inventory, furniture and fixtures, retain and relocate 15 employees and create 80 new full-time permanent positions at 122 N. Grant Avenue Columbus, OH 43215, the project site; and
WHEREAS, on March 4, 2014 the Department of Development received a written letter from Print Syndicate, LLC requesting the City to change the project site address from 122 N. Grant Avenue to 107 S. High Street and to extend the incentive term from two years to three years due to extension of the lease term; and
WHEREAS, Columbus City Council, by Ordinance 0835-2014, passed on April 21, 2014, authorized the Director of the Department of Development to amend the Downtown Office Incentive Agreement for the purposes of changing the project site address from 122 N. Grant Avenue to 107 S. High Street, and to extend the incentive term from two (2) years to three (3) years; and
WHEREAS, the First Amendment to the Downtown Office Incentive Agreement was made and entered into effective July 09, 2014; and
WHEREAS, the Department of Development received a written letter, dated December 10, 2014, from Print Syndicate, LLC requesting the City to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc.; and
WHEREAS, a second amendment is needed to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc.; and
WHEREAS, an emergency exists in the usual daily operation of the Columbus Department of Development in that it is immediately necessary to seek an amendment to the Downtown Office Incentive Agreement with Print Syndicate, LLC for the purpose of changing the company’s name from Print Syndicate, LLC to Print Syndicate, Inc. so that the Downtown Office Incentive payment can be made during the 2015 payment cycle for Report Year 2014 and for the ensuing years moving forward; thereby preserving the public health, peace, property and safety, 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 Downtown Office Incentive Agreement with Print Syndicate, LLC for the purpose of changing the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc.
SECTION 2. That the amendment to the City of Columbus Downtown Office Incentive Agreement be signed by Print Syndicate, Inc. within ninety (90) days of passage of this ordinance, or this ordinance and the incentive authorized herein shall be null and void.
SECTION 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, the 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 the passage if the Mayor neither approves nor vetoes the same.