Explanation
Background: Grange Mutual Casualty Company ("Grange") has agreed to redevelop its existing facilities, construct a 200,000 square foot office building, construct a parking garage of approximately 1,000 spaces and make related improvements, which should cost between $72,800,000 and $85,800,000. This project will allow Grange to create approximately 800 jobs over a twenty-year period and retain approximately 800 jobs. The City wishes to encourage Grange to create the 800 jobs in downtown Columbus. To encourage this job creation, the City is granting a Large Employment Office Incentive to Grange of 50% of the withholding taxes paid to the City for new jobs created as a result of the project for a period of eight years.
Emergency action is requested so that Grange can start the project, make the investment and create the jobs as soon as practical.
Fiscal Impact: It is estimated that the Office Incentive will equal $1,058,000.00 over the eight-year period. No funding is required for this legislation.
Title
To authorize and direct the Director of the Department of Development to enter into a Large Employment Office Incentive Agreement with Grange Mutual Casualty Company and to authorize a Large Employment Office Building Incentive of 50% of withholding taxes paid by new employees for a period of eight years; and to declare an emergency.
Body
WHEREAS, the City of Columbus (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, to carry out this public purpose the City seeks to pursue all reasonable and legitimate incentives to accomplish development and redevelopment in the City; and
WHEREAS, Grange Mutual Casualty Company ("Grange") desires to expand and redevelop its current facilities located at 650 South Front Street, Columbus, Ohio 43206, construct an office building of ap...
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