City of Columbus - File #: 0756-2004

• File #: 0756-2004
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 4/12/2004
• In control: Development Committee
• On agenda: 5/3/2004
• Final action: 5/5/2004
• Title: To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Program agreement with Palmer & Cay Holdings, Inc. as provide in Columbus City Council Resolution 075X-2004, adopted March 29, 2004.

Date	Ver.	Action By	Action	Result
5/5/2004	1	CITY CLERK	Attest
5/4/2004	1	MAYOR	Signed
5/3/2004	1	Columbus City Council	Approved	Pass
5/3/2004	1	COUNCIL PRESIDENT PRO-TEM	Signed
4/26/2004	1	Columbus City Council	Read for the First Time
4/21/2004	1	City Clerk's Office	Sent back for Clarification/Correction
4/21/2004	1	Dev Drafter	Sent to Clerk's Office for Council
4/15/2004	1	Dev Drafter	Sent to Clerk's Office for Council
4/14/2004	1	Dev Drafter	Sent for Approval
4/14/2004	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
4/14/2004	1	Dev Drafter	Sent for Approval
4/14/2004	1	CITY ATTORNEY	Reviewed and Approved

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. Palmer & Cay Holdings, Inc. is currently exploring downtown Columbus as a potential site for their regional expansion. They anticipate relocating 20 positions downtown. This job creation is estimated to generate $1,500,000 of payroll and $30,000 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 $15,000 each year for three years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to Palmer & Cay Holdings, 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 Program agreement with Palmer & Cay Holdings, Inc. as provide 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; and

WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive Program from Palmer & Cay Holdings, Inc.; and

WHEREAS, Palmer & Cay Holdings, Inc. estimates that it will create 20 new jobs at 250 West Nationwide Blvd., with a projected payroll of $1,500,000 generating estimated City of Columbus income tax revenue of $30,000 annually; NOW, THEREFORE,


BE IT ORDAINED BY THE COUNCIL OF THE ...