Explanation
BACKGROUND: This legislation authorizes the payment to employers associated with two (2) active projects who have met the requirements of their respective Jobs Growth Incentive Program (JGI) agreements and are eligible for payment for the 2010 reporting (tax) year: (1) The Ohio State University on behalf of its Ohio State University Medical Center and (2) JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp.
FISCAL IMPACT: The total dollar amount to be disbursed for the 2010 JGI payment for these two (2) projects is not to exceed $1,862,445. The two (2) projects with the JGI payment subtotals are as follows: An amount not to exceed $1,017,990 to The Ohio State University on behalf of its Ohio State University Medical Center; and an amount not to exceed $844,455 to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Chase Home Finance LLC, JPMorgan Investment Management Inc. and Chase Investment Services Corp. The 2011 General Fund budget (citywide account) includes funding for this payment. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $465,611.25 has been factored into the current special income tax analysis and resultant capital capacity. The 2011 general fund transfer ordinance is being prepared by the Finance & Management Department and will provide sufficient appropriation for this purpose.
Title
To authorize and direct the City Auditor to appropriate and transfer $465,611.25 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments not to exceed $1,862,445 in accordance with the Jobs Growth Incentive Program agreements to The Ohio State University on behalf of its Ohio State University Medical Center and to JPMorgan Chase Bank, National Association, JPMorgan Chase & Co., Cha...
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