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. Gates McDonald & Company is currently exploring downtown Columbus as a potential site for relocating their corporate headquarters. Gates McDonald is a leading provider of innovative risk management, employee benefits, managed care, worker's compensation and unemployment compensation services to companies nationwide. They anticipate employing 480 people downtown. This job creation is estimated to generate $19,200,000 of payroll and $384,000 annually in City income tax revenue. Based on this estimate, they would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $192,000 each year for eight years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to Gates McDonald & Company.
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 Program agreement with Gates McDonald & Company as provided in Columbus City Council Resolution 075X-2004, adopted March 29, 2004.
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 075X-2004, adopted March 29, 2004, authorized the Department of Development to establish the Columbus Downtown Office Incentive Program as amended; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive Program from Gates McDonald & Company; and
WHEREAS, Gates McDonald & Company estimates they will create 480 new jobs at 215 N...
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