Explanation
BACKGROUND: Columbus City Council by Ordinance 1096-2011, passed July 18, 2011, authorized the City of Columbus to enter into a Columbus Downtown Office Incentive Agreement (Agreement) with Turner Construction Company for a fifty percent (50%) tax incentive for a period of five (5) years in consideration of the company's $1,250,000 investment at 262 Hanover Street and the relocation of 36 new full-time permanent positions, which were new to Columbus. The Agreement was made and entered into to be effective October 4, 2011.
This legislation seeks to authorize amendment of the Agreement to amend the start and end dates of the project from January 1, 2012 through January 1, 2017 to reflect January 1, 2013 through December 31, 2017. The company experienced delays in moving the project forward by June 1, 2012, and moving jobs to the site, and has therefore requested the amendment to the start and end dates.
This legislation is presented as an emergency measure in order for this amendment to be legislated prior to the end of 2012 so that this amendment to the Agreement can take affect and be in full force prior to January 1, 2013.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Columbus Downtown Office Agreement with Turner Construction Company, passed by Columbus City Council on July 18, 2011, for the purpose of changing the project start date and end dates of the agreement to reflect January 1, 2013 through December 31, 2017; 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 job creation tax credits against their corporate franchise tax or income tax, which tax credits are provided to create new jobs in the State of Ohio; and
WHEREAS, pursuant to Section 718.15 of the Ohio Revised Code (th...
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