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. BHDP Architecture is a leading Cincinnati based Architecture firm currently exploring downtown Columbus as a potential site for their regional office now located in Marble Cliff. They anticipate relocating 15 positions downtown as a result of this relocation. This job creation is estimated to generate $800,000 of payroll and $16,000 annually in City income tax revenue. Based on this estimate and a five (5) year lease they would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $8,000 each year for three (3) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to BHDP Architecture upon completion of a lease on eligible office space. BHDP is currently in lease negotiations for office space in the Arena District.
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 BHDP Architecture as provided in Columbus City Council Resolution 075X-2004 adopted March 29, 2004.
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 075X-2004, adopted March 29, 2004, 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 BHDP Architecture; and
WHEREAS, BHDP Architecture estimates that it will create 15 new jo...
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