Explanation
BACKGROUND: Resolution No. 0088X-2007, adopted June 4, 2007, supported the continuation of the Columbus Downtown Office Incentive Program (DOI) as one of the development tools needed to implement the Downtown Business Plan. This legislation authorizes the payments to employers who have met the requirements of their Downtown Office Incentive Program agreement.
For tax year 2022 (also calendar year and/or report year), the City of Columbus had a total of seven (7) DOI agreements for which employers have met the requirements of their DOI agreements and thus are eligible to receive their benefit payments for calendar year 2022. The total dollar amount to be disbursed for these Six (6) 2022 DOI agreements is $243,222.92 The six (6) agreements with the DOI payment subtotals are as follows: (1) $124,257.26 to BBI Logistics LLC; (2) $33,905.46 to Candid Care Co.; (3) $31,602.65 to Coastal Ridge Real Estate Partners, LLC; (4) $25,022.73 to Electrical Specialists, Inc. dba The Superior Group; (5) $26,282.16 to Everstream Solutions, LLC; and (6) $2,152.68 to River Financial, Inc.
Emergency action is requested so that the City can make payment as soon as possible and in accordance with the Downtown Office Incentive Program agreements.
Emergency action is requested in order to make the payment in accordance with the Downtown Office Incentive Program agreements. Failure to make this payment could be considered an event of default by the City and the Downtown employers may pursue all remedies now or hereafter existing at law or in equity to collect all amounts due.
FISCAL IMPACT:
The 2022 General Fund budget (citywide account) includes funding for these payments. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $60,805.73 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfe...
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