Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to amend the Columbus Urban Growth Corporation Enterprise Zone Agreement to eliminate the requirement to create 42 part-time permanent jobs. This modification follows the recommendation made by the Tax Incentive Review Council (the "TIRC") on August 21, 2007.
The project is located at 1407 and 1393 Cleveland Avenue (Four Corners). Columbus City Council approved the Columbus Urban Growth Corporation Enterprise Zone Agreement by Ordinance No. 1100-00 on May 15, 2000. City Council approved three amendments to the Agreement, the most recent by Ord. No. 1781-2006 approved on October 16, 2006. The Columbus Urban Growth Corporation Enterprise Zone Agreement as amended (the "EZA"), calls for $1.8 million in real property investment and the creation of 41 full-time permanent jobs. The project has satisfied the investment requirement and had created 40 jobs as of June 2007. The EZA also calls for the creation of 42 part-time permanent jobs. Part-time jobs, however, are not part of the State or City reporting requirements for Enterprise Zone projects and it has never been the City's practice or intent to take part-time jobs into account in determining project compliance. In view of this, and the project's good performance with the other terms of the EZA, the TIRC viewed the project as being in substantial compliance.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Columbus Urban Growth Corporation Enterprise Zone Agreement to eliminate the requirement to create 42 part-time permanent jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved the Columbus Urban Growth Corporation Enterprise Zone Agreement by Ordinance No. 1100-00 on May 15, 2000 and subsequently approved three amendments to the Agreement, the most recent by Ord...
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