Explanation
BACKGROUND:
On May 20, 2002, Council adopted Resolution 092x-02 to support the creation of the Columbus Downtown Office Incentive Program as one of the development tools needed to implement the Downtown Business Plan. On July 22, 2002 Council adopted Resolution 144X-02 providing a job creation component to the Columbus Downtown Office Incentive Program to assist with expansion and retention of downtown employers. A second revision must now be made to the incentive qualifications for larger potential employers that requires a repeal of the previous resolution and adoption of this revised resolution.
The City of Columbus has a one of the highest downtown office vacancy rate in the nation. This high vacancy rate is having a negative impact on all business activity downtown and throughout the city. The Downtown Development Office, working in accordance with the Downtown Business Plan, is proposing this revised Columbus Downtown Office Incentive Program. This program is an essential component of the stabilization of the downtown office market. This program as revised is an important part of the overall revitalization strategy for our downtown.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To support the creation of the Columbus Downtown Office Incentive Program as one of the development tools needed to implement the Downtown Business Plan; to repeal Resolution 144X-02, adopted July 22, 2002; and to declare an emergency.
Body
WHEREAS, the City desires to increase employment opportunities and encourage creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, to carry out this public purpose the City seeks to pursue all reasonable and legitimate incentives to accomplish downtown development and redevelopment; and
WHEREAS, the Downtown Office Incentive Program is one of several vehicles implemented to help create a growing, hea...
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