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. The Motorist Insurance Group, an insurance industry leader located in downtown Columbus, is currently exploring expansion options. Motorist anticipates the creation of 22 new positions due to business growth. Motorist currently employees 570 people at the downtown location with a total payroll of $30,131,102. The additional 22 employees would increase payroll by $917,300 generating an estimated $18,346 annually in City income tax revenue. Based on this estimate, Motorist would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $9,173 for one year. The Downtown Development Office recommends granting the Downtown Office Incentive Program to The Motorist Insurance Group.
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 The Motorist Insurance Group 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 The Motorist Insurance Group; and
WHEREAS, The Motorist Insurance Group estimates that it will create 22 new jobs at 471 East Broad Street, Columbus, Ohio with a projected payro...
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