Explanation
BACKGROUND: The Department of Development is proposing to enter into a Columbus Downtown Office Incentive with Teng & Associates, Inc. Teng & Associates, Inc. provides design and construction management services for the corporate, cultural, government, health care, higher education, homeland security, military, public safety, telecommunications, and transportation markets. Its services include architectural design, landscape architecture, interior design, and space planning and urban design. The company was founded in 1959 and is based in Chicago, Illinois with additional offices in Atlanta, Georgia; Dallas, Texas; Denver, Colorado; Los Angeles and San Diego, California; Milwaukee, Wisconsin; Richmond, Virginia; St. Louis, Missouri; and New York, New York.
Teng & Associates, Inc. is expanding into the Columbus area from its Chicago location. The new twenty-five (25) full-time positions will create approximately $1.87 million in new payroll and approximately $46,900 annually in new City income tax revenue. Based on this estimate, Teng & Associates, Inc. would qualify for the Columbus Downtown Office Incentive of an amount equal to fifty percent (50%) of the payroll taxes paid on the new positions or $70,500 over a term of three (3) years. The Development Department recommends granting the Columbus Downtown Office Incentive program to Teng & Associates, Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Agreement with Teng & Associates, Inc. as provided in Columbus City Council Resolution Number 0088X-2007, adopted June 4, 2007. (AMENDED BY ORD. 2222-2012 PASSED 10/22/2012)
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 Number 0088X-2007,...
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