Explanation
BACKGROUND: This legislation authorizes the payment to The Huntington National Bank, an employer, who has met the requirements of their Jobs Growth Incentive Program (JGI) agreement and are eligible for payment for the 2022 reporting (tax) year. Emergency action is requested so that the City can authorize payment by the end of the fourth quarter of this year in accordance with the Jobs Growth Incentive Program agreement.
For tax year 2022 (also calendar year and/or report year), the City of Columbus had a total of one (1) additional JGI agreement for which the employer met the requirements of their JGI agreement and thus are eligible to receive their benefit payment for calendar year 2022. The total dollar amount to be disbursed for this one (1) 2022 JGI payment is $697,877.03. The one (1) agreement with the JGI payment subtotals are as follows: (1) $697,877.03 to The Huntington National Bank.
Emergency action is requested to make payment in accordance with the Jobs Growth Incentive Program agreement.
FISCAL IMPACT: The 2022 General Fund budget (citywide account) includes funding for these payment. A transfer equal to 25 percent (25%) of the payment will be transferred from the Special Income Tax Fund. The transfer amount of $697,877.03 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 not to exceed $697,877.03 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $174,469.26 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payment not to exceed a total of $697,877.03 in accordance with the Jobs Growth Incentive (JGI) Program for The Huntington National Bank, for which the employer has met the requirements of their JGI agreement and thus are eligible to receive their payment for tax year 2022 (also calendar year and/or report year) in 2023; to authorize the expenditure not to exceed $697,877.03 from the General Fund; and to declare an emergency. ($697,877.03)
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 payment to an employer who met the requirements under their Jobs Growth Incentive Program agreement; and
WHEREAS, the City of Columbus had a total of one (1) JGI projects for which an employer met the requirements of their JGI agreement, The Huntington National Bank, and thus are eligible to receive a payment tax year 2022 (also calendar year and/or report year) in 2023 and the total dollar amount to be disbursed for these one (1) JGI payment is $697,877.03; and
WHEREAS, it is necessary at this time to authorize payment of $697,877.03 to Huntington National Bank (The); and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to make payment in accordance with the Jobs Growth Incentive Program agreement, 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. That the transfer of $174,469.26 in cash only or so much thereof as may be needed, is hereby authorized from Fund 4430 (Special Income Tax Fund), Dept-Div 44-02 (Economic Development) to Fund 1000 (General Fund), Dept-Div 44-02 (Economic Development) per the account codes in the attachment to this ordinance.
SECTION 2. 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, 2023, the sum of $174,469.26 is appropriated in Fund 4430 (Special Income Tax Fund), Dept-Div 44-02 (Economic Development) in Object Class 10 (Transfer) per the accounting codes in the attachment to this ordinance.
SECTION 3. That the transfer of $697,877.03 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 (citywide account) to Dept-Div 44-02 (Economic Development), object class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 4. That the expenditure of $697,877.03 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. Funds are hereby deemed appropriated, 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 payment when initiated by the Director of Development in accordance with the Jobs Growth Incentive Program agreement as follows: $697,877.03 to Huntington National Bank (The).
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.