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 was enacted on March 29, 2004 with the passage of resolution 075X-04 allowing larger employers to qualify for a longer term incentive based on larger employment numbers.
As a result of Resolution 075X-04 GatesMcDonald relocated to 215 North Front Street anticipating job creation of 480 employees and $19.2 million in annual payroll. In 2006 they reported 568 employees with a payroll of nearly $24 million annually. Since the adoption of this program in 2002 35 companies have used this incentive creating an estimated 2,360 jobs with over $158 million in annual payroll. The City of Columbus Downtown office vacancy rate has made a significant reduction from the high of 26% to a current rate of 18.7%. This reduction of the office vacancy rate can be partially attributed to the Columbus Downtown Office incentive.
Section 5 of Resolution 075X-04 established the termination of this program on July 22, 2007 unless extended by Council action. It is the recommendation of the Columbus Downtown Development Office that the program be extended an additional five (5) years at which time it will be evaluated by this office for effectiveness and further extension.
FISCAL IMPACT: No funding is required for this legislation.
Title
To support the continued operation of the Columbus Downtown Office Incentive Program for an additional five (5) years; 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 t...
Click here for full text