Explanation
BACKGROUND:
Ordinance No. 1720-2003 authorized the Director of Development Department to enter into a Columbus Downtown Office Incentive Program agreement with Virginia Homes, Ltd. Virginia Homes, Ltd. has moved their Corporate Headquarters and Design Center with 25 employees to their current location at 209 East Town Street paying $46,993.05 in income tax withholding in 2005 qualifying them for a $23,496.53 incentive payment in 2006.
FISCAL IMPACT:
The 2006 General Fund Budget includes funding for this incentive payment.
Title
To authorize and direct the payment of $23,496.53 to Virginia Homes, Ltd. in accordance with the Downtown Office Incentive agreement; and to authorize the expenditure of $23,496.53 from the General Fund. ($23,496.53)
Body
WHEREAS, Ordinance No. 1720-2003, authorized the Director of the Development Department to enter into a Downtown Office Incentive Program agreement with Virginia Homes, Ltd.; and
WHEREAS, Virginia Homes, Ltd. employ 25 people at 209 East Town Street; and
WHEREAS, The City will pay Virginia Homes, Ltd. a Downtown Office Incentive payment in the amount of $23,496.53; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor is hereby authorized and directed to make payment to Virginia Homes, Ltd. in the amount of $23,496.53.
Section 2. That the expenditure of $23,496.53, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, General Fund, Fund 010, Object Level Three 5513, OCA Code 440313.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.