Explanation
BACKGROUND: The need exists to amend the Job Creation Tax Credit Agreement and the Jobs Growth Incentive Agreement with Express, LLC, Express Holding, LLC, Express Topco, LLC and Express Parent, LLC. Ordinance 0795-2008, approved by Columbus City Council on May 12, 2008, granted a sixty five percent (65%) eight (8) year Jobs Creation Tax Credit and a twenty five percent (25%) five (5) year Jobs Growth Incentive. On December 1, 2008, Columbus City Council passed Ordinance 1915-2008 which approved an amendment to Ordinance 0795-2008. The amendment added two other grantees to the agreement. The added grantees were Express Topco, LLC and Express Parent, LLC. An amendment to the agreement is now needed to add Express Inc., as another grantee to the agreements, and remove Express Parent, LLC from the agreements. Therefore, Express LLC, Express Inc., Express Topco, and Express Holding LLC, (henceforth, all four entities will collectively be referred to herein as "Express"), will become the new grantees for both agreements.
Express has invested approximately $7.9 million to renovate and expand its corporate headquarters at 1 Limited Parkway Columbus, Ohio. The company will retain approximately 368 full-time employees and will create 120 new full-time permanent positions.
The State approved a Jobs Creation Tax Credit of 60% for 8 years for Express.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Jobs Creation Tax Credit Agreement and the Job Growth Incentive Agreement with Express, LLC, Express Holdings, LLC, Express Topco, LLC, and Express Parent, LLC for the purpose of adding Express Inc., LLC, and removing Express Parent, LLC; and to declare an emergency.
Body
WHEREAS, pursuant to Ohio Revised Code Section 122.17, the State of Ohio is authorized to establish the Tax Credit Authority and to execute agreements with taxpayers of the State of Ohio for the purpose of granting these tax payers jo...
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