Explanation
BACKGROUND:
The City of Columbus currently has an excessive amount of vacant office space in our downtown market. This high vacancy rate is having a negative impact on all business activity downtown and throughout the city. Interpath Communication-Ohio, Inc. is currently exploring sites for expansion. They are currently located at 180 E Broad Street. They anticipate creating an estimated 15 new positions by 2008. This new job creation is estimated to generate $1.5 million of payroll and $30,000 annually in City income tax revenue. The City has proposed a Columbus Downtown Office Incentive (CDOI) for a term of five (5) years. Based on the above estimates, the Interpath incentive will be an amount equal to 50% of the payroll taxes paid each year, or an estimated $15,000 each year for five (5) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to Interpath Communication-Ohio, Inc.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Columbus Downtown Office Incentive Program agreement with Interpath Communication-Ohio, Inc.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 0088-2007, adopted June 4, 2007, authorized the Department of Development to establish the Columbus Downtown Office Incentive Program; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive Program from Interpath Communication-Ohio, Inc.; and
WHEREAS, Interpath Communication-Ohio, Inc. estimates they will create 15 new positions at 180 East Broad Street. with a projected payroll of $1.5 million generating estimated City of Columbus income tax revenue of $30,000 annually; NOW, THEREFORE,
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