Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the City's Enterprise Zone Agreement (EZA) with MND LLC ("MND") and Moody Nolan Ltd. ("Moody Nolan"). The EZA was approved by City Council in July 2001 and signed in December 2001. The enterprises committed to invest $5 million in the construction of a new facility at 300 Spruce Street that Moody Nolan would occupy as its headquarters and to invest $1.875 million in new personal property. Moody Nolan agreed to retain 114 existing jobs and to create 30 new jobs by December 2004. The enterprises have exceeded the real property investment goal but have invested only approximately $600,000 in personal property and as of December 2004, Moody Nolan had retained only 111 jobs and had not created any new jobs. However, unused space in the facility has been leased to three tenants, two of which are willing to be added to the EZA. The Columbus Tax Incentive Review Council recommended on August 16, 2005, to amend the EZA to add the two tenants, to count the tenant jobs and personal property investment towards the EZA goals, to extend the time deadline for the job creation to June 30, 2006, to decrease the job creation commitment to 20 jobs and to increase the job retention commitment to 180 jobs. Most of the jobs of the two new tenants have been relocated from sites elsewhere within Columbus and thus would be counted as retained jobs.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Development Department to amend the Enterprise Zone Agreement with MND LLC and Moody Nolan Ltd. to add two tenants to the Agreement, to extend the time period for the job creation, to reduce the job creation commitment to 20 jobs and to increase the job retention commitment to 180 jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Agreement with MND LLC ("MND") and Moody...
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