Explanation
BACKGROUND: This legislation authorizes the payment to an employer associated with the following active project which has met the requirements of the respective Jobs Growth Incentive Program (JGI) agreement and is eligible for payment for the 2011 reporting (tax) year: The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC.
FISCAL IMPACT: The total dollar amount to be disbursed for the 2011 JGI payment for The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC & Leasenet Group, LLC project is not to exceed $638,522.78. The 2012 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 $159,630.70 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize the City Auditor to transfer $21,985.75 between object levels within the General Fund; to authorize and direct the City Auditor to transfer an amount not to exceed $638,522.78 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $159,630.70 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make a payment not to exceed $638,522.78 in accordance with the Jobs Growth Incentive Program agreement to The Huntington National Bank et al; to authorize an expenditure not to exceed $638,522.78 from the General Fund; and to declare an emergency. ($638,522.78)
Body
WHEREAS, the Columbus Jobs Growth Incentive Program is one of the development tools utilized by the City of Columbus to encourage new job creation; and
WHEREAS, it is necessary to au...
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