Explanation
BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (hereinafter “Agreement”) with International Business Machines Corporation, (also referred to as the “Grantee”) effective March 25, 2013. Columbus City Council approved the Agreement by Ordinance 2691-2012, adopted December 17, 2012, and granted a financial incentive based on an amount equal to twenty-five percent (25%) of the new Columbus withholding tax paid by the new employees at the project site, to commence on January 1, 2013 for a period of five (5) consecutive taxable years based on an investment of approximately $3.2 million in building improvements and personal property, the retention of 671 permanent full-time positions and the creation of 500 permanent full-time positions at the Project Site, 4600 Lakehurst Court, Columbus, OH 43016.
In a letter from the Grantee received by the City dated September 12, 2013, the Grantee indicated that many of the jobs to be retained and created related to the project were associated with additional addresses, namely 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway, and requested that these three additional addresses be added to the description of the Project Site as per the Agreement. It should be noted that the Grantee also indicated in the letter that the employees located at these additional addresses were included in the original 671 retained employee count. As such, the need exists to amend the Agreement to add 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway to the Project Site as described in the Agreement.
This legislation is requested to be considered as an emergency in order to add 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway to the Project Site as described in the Agreement in an expedient manner as possible so as to allow for the inclusion of the employees located at these additional addresses for the reporting process for Report Year 2013.
FISCAL IMPA...
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