Explanation
BACKGROUND:
The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with Motorists Insurance Group. Motorists Insurance Group sells insurance products to cover drivers, homes and businesses and is currently proposing to expand and create additional positions in its property casualty business at its headquarters located at 471 E. Broad Street. The company anticipates creating 53 new positions by 2010. The new positions will create approximately $2.3 million in additional payroll and approximately $46,000 annually in City income tax revenue. Based on this estimate, Motorists Insurance Group would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid on the new positions or $23,000, each year for three (3) years. The Development Department recommends granting the Columbus Downtown Office Incentive program to Motorists Insurance Group.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Columbus Downtown Office Incentive Agreement with Motorists Insurance Group as provided in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007. (AMENDED BY ORD. 0319-2009 PASSED 3/30/2009)
Body
WHEREAS, the City desires to increase employment opportunities and encourage the establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 0088X-2007, adopted June 4, 2007, authorized the Department of Development to continue operation of the Columbus Downtown Office Incentive program as amended; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive program from Motorists Insurance Group; and
WHEREAS, Motorists Insurance Group estimates they will create 53 new positions at 471 East Broad Street, Columbus, Ohio, with a projected additional...
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