City of Columbus - File #: 2080-2006

• File #: 2080-2006
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 11/10/2006
• In control: Jobs and Economic Development Committee
• On agenda: 12/4/2006
• Final action: 12/7/2006
• Title: To authorize the Director of the Department of Development to enter into an incentive agreement based on payroll growth with Lifestyle Communities Ltd.; and to declare an emergency.

Date	Ver.	Action By	Action	Result
12/7/2006	2	CITY CLERK	Attest
12/6/2006	2	MAYOR	Signed
12/4/2006	1	Columbus City Council	Taken from the Table	Pass
12/4/2006	2	Columbus City Council	Amended as submitted to the Clerk	Pass
12/4/2006	2	Columbus City Council	Approved as Amended	Pass
12/4/2006	2	COUNCIL PRESIDENT	Signed
11/20/2006	1	Columbus City Council	Tabled to Certain Date	Pass
11/16/2006	1	City Clerk's Office	Sent back for Clarification/Correction
11/16/2006	1	Dev Drafter	Sent to Clerk's Office for Council
11/13/2006	1	Dev Drafter	Sent for Approval
11/13/2006	1	CITY ATTORNEY	Reviewed and Approved
11/13/2006	1	Dev Drafter	Sent to Clerk's Office for Council
11/10/2006	1	Dev Drafter	Sent for Approval
11/10/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

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. Lifestyle Communities, Ltd. is currently exploring downtown Columbus as a potential site for their relocation. They anticipate bringing 238 positions (74 new, 164 retained) downtown. This new job creation is estimated to generate $6,300,000 of payroll and an additional $126,000 annually in City income tax revenue in 2008. Expected job growth is 137 additional new jobs through 2013. Thus the Downtown Development Office recommends granting a financial incentive to Lifestyle Communities, Ltd based on the future growth of this employment base not only to retain these jobs in Columbus but also relocate them to Downtown of an amount equal to 50% of the new payroll taxes paid each year for five (5) years with the incentive extended for an additional three (3) years if total full-time employment by Lifestyle Communities reaches 306 at the end of calendar year 2012, for a total of eight (8) years.

Emergency action is requested in order to allow Lifestyle Communities, Ltd. to make a decision on the proposed relocation as quickly as possible.

FISCAL IMPACT:
No funding is required for this legislation.



Title

To authorize the Director of the Department of Development to enter into an incentive agreement based on payroll growth with Lifestyle Communities Ltd.; and to declare an emergency.



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, Lifestyle Communities, Ltd. is a leader in real estate development in Central Ohio and a prominent member of our business community and we desire to attract their corporate to headquarters Downtown; and

WHEREAS...