City of Columbus - File #: 0572-2011

• File #: 0572-2011
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 3/31/2011
• In control: Development Committee
• On agenda: 4/25/2011
• Final action: 4/27/2011
• Title: To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Agreement with Duncan Simonette, Inc. as provided in Columbus City Council Resolution Number 0088X-2007, adopted June 4, 2007.

Date	Ver.	Action By	Action	Result
4/27/2011	1	MAYOR	Signed
4/27/2011	1	CITY CLERK	Attest
4/25/2011	1	Columbus City Council	Approved	Pass
4/25/2011	1	COUNCIL PRESIDENT	Signed
4/11/2011	1	Columbus City Council	Read for the First Time
4/4/2011	1	City Clerk's Office	Sent back for Clarification/Correction
4/4/2011	1	Dev Drafter	Sent to Clerk's Office for Council
3/31/2011	1	Dev Drafter	Sent for Approval
3/31/2011	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
3/31/2011	1	Dev Drafter	Sent for Approval
3/31/2011	1	CITY ATTORNEY	Reviewed and Approved
3/31/2011	1	Dev Drafter	Sent to Clerk's Office for Council

Explanation

BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with Duncan Simonette, Inc.

Duncan Simonette, Inc. is a law firm that specializes in business, real estate, domestic relations, estate planning, bankruptcy, and additional litigation services. The law firm was created by Brian K. Duncan and David G. Simonette. Legal services are provided to lenders and borrowers, developers and builders, tenants and landlords. Duncan Simonette, Inc. is proposing to relocate its corporate headquarters from South High Street to the Downtown Business District by entering into a 7-year lease agreement on a vacant office space consisting of approximately 7,000 square feet located at 155 E. Broad Street Suite 2200. The company will invest approximately $400,000, which includes leasehold improvements and personal property, create 13 new full-time permanent positions and retain 5 full-time permanent positions. The thirteen (13) new positions, with an annual payroll of $565,000, will provide approximately $14,125 annually in new city income tax revenue.

Duncan Simonette, Inc. qualifies for a Columbus Downtown Office Incentive of an amount equal to fifty percent (50%) of the payroll taxes paid on the new positions or $35,310 over a term of five (5) years. The Development Department recommends granting the Columbus Downtown Office Incentive program to Duncan Simonette, Inc.

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 Agreement with Duncan Simonette, Inc. as provided in Columbus City Council Resolution Number 0088X-2007, adopted June 4, 2007.


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,

WHE...