Explanation
BACKGROUND: The need exists to amend the Downtown Office Incentive (DOI) Agreement with Print Syndicate, LLC that was approved by Columbus City Council by Ordinance 0994-2013 on May 6, 2013, which authorized the Director of the Department of Development to enter into a DOI Agreement of fifty percent (50%) for a period of two (2) consecutive years. The DOI agreement was made and entered into on July 30, 2013. The Department of Development received a written letter, dated March 4, 2013, from Print Syndicate, LLC requesting the City to change the project site address from 122 N. Grant Avenue to 107 S. High Street. The company moved into a new location within the Downtown Business District and therefore is still eligible for the City Council approved DOI. In addition, the company has signed and entered into a 5-year lease agreement, which qualifies for a longer incentive term. An amendment is now required to change Print Syndicate, LLC's 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 based on the new 5-year lease agreement.
This legislation is requested to be considered as an emergency in order to allow Print Syndicate, LLC to receive the remaining benefits of the council approved Downtown Office Incentive.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Downtown Office Incentive Agreement with Print Syndicate, LLC for the purpose of changing the Grantee's project site address from 122 N. Grant Avenue to 107 S. High Street and to extend the term of the incentive from two years to three years; and to declare an emergency.
Body
WHEREAS, on May 6, 2013, Columbus City Council passed Ordinance No. 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 DOI Agreement was made and entered into effective July 30, 2013; 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; and
WHEREAS, the need exists to amend the agreement with Print Syndicate, LLC to change the project site from 122 N. Grant Avenue to 107 S. High Street and to change the term of the incentive for a period of three years; and
WHEREAS, an emergency exists in the usual daily operation of the Columbus Department of Development in that it is immediately necessary to amend the Downtown Office Incentive Agreement with Print Syndicate, LLC to allow Print Syndicate, LLC to receive the remaining benefits of the council approved Downtown Office Incentive, thereby preserving the public, health, peace, property and safety; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. The Downtown Office Incentive Agreement with Print Syndicate, LLC is hereby amended to change the Grantee's 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.
Section 2. That City Council hereby finds and determines that the project meets all the requirements of the City Act.
Section 3. That the City of Columbus Downtown Office Incentive Amendment is signed by Print Syndicate, LLC within 90 days of passage of this ordinance, or this ordinance and the credit herein shall be null and void.
Section 4. 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.