Explanation
BACKGROUND: This legislation authorizes the payment to an employer who has met the requirements of their Jobs Growth Incentive (“JGI”) Program agreement and is eligible for payment for the 2024 reporting (tax) year.
For tax year 2024 (also calendar year and/or report year), the City of Columbus has one (1) additional JGI agreement for which the reporting deadline differs from other agreements. After careful examination and review of its annual report, this particular organization has met the requirements of their JGI agreement and thus is eligible to receive their benefit payment for calendar year 2024. The total dollar amount to be disbursed for this one (1) 2024 JGI payment is $597,060.75 and will be disbursed to The Ohio State University.
Emergency action is requested to allow the City to authorize payment by the end of the fourth quarter of this year and appropriate payment as required by the Jobs Growth Incentive Agreement.
FISCAL IMPACT:
The 2025 General Fund budget (citywide account) includes funding for this payment. A amount equal to 25 percent (25%) of the payment will be expended from the Special Income Tax Fund.
Title
To authorize the City Auditor to appropriate the sum of $119,412.15 within the General Fund Income Tax Set Aside Subfund; to authorize and direct the City Auditor to transfer an amount not to exceed $477,648.60 within the General Fund; to authorize and direct the City Auditor to make a payment not to exceed a total of $597,060.75 in accordance with the Jobs Growth Incentive (JGI) Program for the one (1) remaining JGI agreement for which the employer (The Ohio State University) has met all of the requirements set forth in their JGI agreement but has not been paid and thus is eligible to receive their payment for tax year 2024 (also calendar year and/or report year) in 2024; to authorize the expenditure not to exceed of $597,060.75 from the General Fund; and to declare an emergency. ($597,060.75)
Body
WHEREAS, ...
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