Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend the City's Enterprise Zone Agreement (EZA) with Bicentennial Plaza Limited ("Bicentennial Plaza") and Novell, Inc. ("Novell", successor in interest to Cambridge Technology Partners, Inc.) The EZA, which was approved by City Council in July 1997 and signed in January 1998, grants a 50%/10-year abatement (1998-2007) on real property improvements. Bicentennial Plaza committed to invest $12,373,000 to build a new multi-tenant speculative facility in a section of the downtown that had been devoid of new development for years and Cambridge Technology Partners agreed to use its best efforts to create 100 new jobs at the facility by July 2000. The EZA was amended in 2003 to extend the job creation period to December 31, 2005 and to allow the jobs of other tenants to count towards compliance. Bicentennial Plaza has met the real property investment goal and as of December 2004, tenants in the facility had approximately 240 jobs, of which 41 were new. The Columbus Tax Incentive Review Council (the "TIRC") recommended on August 16, 2005, that the EZA be amended to more accurately reflect the actual numbers of jobs created and retained, as the City deems appropriate. This legislation proposes an overall best efforts job creation/retention requirement of 180 jobs, which Bicentennial Plaza anticipates will be comprised of approximately 30 new jobs and approximately 150 retained jobs.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Enterprise Zone Agreement with Bicentennial Plaza Limited and Novell, Inc. by establishing an overall best efforts job creation/retention requirement of 180 jobs; and to declare an emergency.
Body
WHEREAS, the Columbus City Council approved an Enterprise Zone Agreement with Bicentennial Plaza Limited ("Bicentennial Plaza") and Cambridge Technology Partners ("C...
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