Explanation
BACKGROUND:
The City of Columbus currently has an excessive amount of vacant office space in our downtown market. This high vacancy rate is having a negative impact on all business activity downtown and throughout the city. Kegler, Brown, Hill & Ritter is currently exploring expansion of their downtown law offices. They anticipate the creation of 17 new positions downtown. This job creation is estimated to generate $1,160,500 of payroll and $23,210 annually in City income tax revenue. Based on this estimate, they would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $11,605 for one year. The Downtown Development Office recommends granting the Downtown Office Incentive Program to Kegler, Brown, Hill & Ritter.
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 Program agreement with Kegler, Brown, Hill & Ritter as provided in Columbus City Council Resolution 144X-02 adopted July 22, 2002.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 144X-02, adopted July 22, 2002, authorized the Department of Development to establish the Columbus Downtown Office Incentive program; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive program from Kegler, Brown, Hill & Ritter; and
WHEREAS, Kegler, Brown, Hill & Ritter estimates that it will create 17 new jobs at 65 East State Street, with a projected payroll of $1,160,500 generating estimated City of Columbus income tax revenue of $23,210 annually; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Dire...
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