Explanation
BACKGROUND: The need exists to amend the legislation authorizing the third amendment to the Enterprise Zone Agreement with AmerisourceBergen Drug Corporation. The AmerisourceBergen Drug Corporation Enterprise Zone Agreement (EZA) was authorized by City Council on September 16, 2002, and was entered into effective July 14, 2003. City Council approved the first amendment to the AmerisourceBergen EZA on December 6, 2004, which added Fifth Third Leasing Company to the EZA and allowed the personal property exemptions granted to the AmerisourceBergen Drug Corporation under the EZA to extend to personal property leased from the Fifth Third Leasing Company and/or any assignee or successor lessor subsequently identified in writing to the City's Director of Development. City Council approved the second amendment to the AmerisourceBergen EZA on October 31, 2007, which reduced the job creation requirement from 64 jobs to 19 jobs, to make a commensurate reduction in the payroll requirement for the new jobs, and to eliminate the personal property tax abatement for 2008. City Council approved the third amendment to the AmerisourceBergen EZA on October 20, 2008, which was to reduce the job creation requirement from 19 to 8 jobs, to make a commensurate reduction in the payroll requirement for the new jobs, to reduce the job retention requirement from 200 to 196 jobs, for an overall job level of 204 jobs, and that should these new job levels not be achieved by the end of 2008 that the abatement be reduced to 50% from the current 75%. This legislation seeks to amend the job creation and job retention requirements as set forth in the third amendment, removing specific requirements for the creation and retention of jobs and replacing that with maintaining an overall job level of 160 jobs, and to reduce the abatement to 50% from the current 75%.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1550-2008, passed on Octobe...
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