Explanation
BACKGROUND: The City of Columbus (“CITY”) entered into a Job Creation Tax Credit Agreement (hereinafter the “AGREEMENT”) with Quantum Health, Inc. (GRANTEE) effective August 1, 2012. Columbus City Council (COUNCIL) approved the AGREEMENT by Ordinance No. 0821-2012, adopted April 30, 2012, and granted a non-refundable tax credit in an amount of sixty-five percent (65%) of the new municipal income tax revenues generated by new employees at the project site for eight (8) years, commencing January 1, 2013 and for eight (8) consecutive years thereafter in consideration of an investment of $3.4 million in furniture and equipment, the retention of 230 permanent full-time employees and the creation of 525 permanent positions related to the lease of an additional 41,888 square feet, expanding their footprint to 95,288 square feet at 7450 Huntington Park Drive, Columbus, Ohio 43235 (the “PROJECT SITE”).
In a letter from the GRANTEE dated February 20, 2020, the GRANTEE advised the CITY that “with this letter, we are voluntarily requesting termination of the Job Creation Tax Credit Agreement” and noted that additionally they “hereby waive the rights to any unused tax credit certificates.” This legislation is to dissolve the AGREEMENT between the City of Columbus and Quantum Health, Inc.
This legislation is presented as an emergency measure in order for this dissolution to be legislated in the most expedient manner as possible so that this dissolution of the AGREEMENT can be reported to the necessary local and state agencies without further delay.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Job Creation Tax Credit Agreement between the City of Columbus and Quantum Health, Inc., and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Job Creation Tax Credit Agreement (the “AGREEMENT”) with Quantum Health, Inc. (GRANTEE) by Ordinance No. 0821-2012 on April 30, 2012 with the AGREEMENT having been mad...
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