Explanation
BACKGROUND: This legislation authorizes; (1) payment to The Ohio State University on behalf of its Ohio State University Medical Center once they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011, 2012, and 2013 reporting (tax) years and; (2) payment to Ohio State University Physicians, Inc. once they meet the requirements of their Jobs Growth Incentive Program (JGI) agreement and become eligible for payment for the 2011 and 2012 reporting (tax) years.
The total dollar amount projected to be disbursed for the 2011, 2012 and 2013 JGI payment to The Ohio State University on behalf of its Ohio State University Medical Center is $5,567,500.00. The total dollar amount to be disbursed for the 2011 and 2012 JGI payment to Ohio State University Physicians, Inc. is $1,700,950.19. The total amount projected for both payments is $7,268,450.19.
FISCAL IMPACT: The 2013 General Fund budget (citywide account) includes funding for this payment. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $1,817,112.55 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfer an amount of $7,268,450.19 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $1,817,112.55 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments in accordance with the Jobs Growth Incentive Program agreements to The Ohio State University on behalf of its Ohio State University Medical Center and to Ohio State University Physicians, Inc. for payments totaling $7,268,450.19; to authorize an expenditure of $7,268,450.19 from the General Fund; and to declare an emergency. ($7,268,450.19)
Body
WHEREAS, the Columbus Jobs Growth Incentive Program is...
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