Explanation
BACKGROUND: The need exists to amend the Downtown Office Incentive Agreement between the City of Columbus (“CITY”) and Coastal Ridge Real Estate Partners, LLC, Coastal Ridge Management, LLC, PPG Management, LLC and Foxen Insurance Company, LLC (collectively and hereafter referred to as “GRANTEE”). Columbus City Council (“COUNCIL”), per Ordinance No. 2561-2019, passed October 14, 2019, authorized the Director of the Department of Development of the CITY to enter into a Downtown Office Incentive Agreement (the “DOI AGREEMENT”) for an annual cash payment equal to fifty percent (50%) of the City of Columbus income tax withheld on the payroll for new employees added to the City of Columbus for a term of up to five (5) consecutive years. The financial incentive was granted in consideration of the GRANTEE’s total proposed investment of approximately $300,000.00, which included $156,000.00 in machinery and equipment, $120,000.00 in stand-alone computers, and $24,000.00 in furniture and fixtures to relocate and expand its corporate headquarters (HQ) into the newly constructed commercial office space known as “80 on the Commons” located at 80 E. Rich Street, Columbus, Ohio 43215, parcel number 010-296465 (the “PROJECT SITE”). Additionally, the GRANTEE committed to create 80 net new full-time permanent positions with an annual payroll of approximately $6,138,700.00, and to retain and relocate 75 full-time positions with an estimated annual payroll of approximately $5,793,200.00 (the (“PROJECT”), which will be new jobs to the CITY but not incentivized at the PROJECT SITE. The DOI AGREEMENT was made and entered into effective January 10, 2020 with the incentive term to begin January 1, 2020 through December 31, 2024 for a 5-year credit.
Paragraph four within Section 13 (Miscellaneous) of the AGREEMENT states, “No amendment of modification shall be effective unless in writing and signed by both parties to this agreement. Any requested amendment or modificat...
Click here for full text