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. Glimcher Properties Limited Partnership is currently exploring sites for expansion. They are currently located at 150 E Gay Street. They anticipate creating an estimated 26 new positions by 2008. This new job creation is estimated to generate $5.3 million of payroll and $106,000 annually in City income tax revenue. The City has proposed the Columbus Downtown Office Incentive (CDOI) for an extended term of eight (8) years with a term cap of $720,000 over the life of the program. Based on the above estimates the Glimcher incentive will be an amount equal to 50% of the payroll taxes paid each year, or an estimated $53,000 each year for eight (8) years. The Downtown Development Office recommends granting this extended term Columbus Downtown Office Incentive program to Glimcher Properties Limited Partnership.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an extended term Columbus Downtown Office Incentive agreement with Glimcher Properties Limited Partnership as provide in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007.
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 0088X-2007 adopted June 4, 2007, authorizing 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 Glimcher Properties Limited Partnership; and
WHEREAS, Glimcher Properties Limited ...
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