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. GSP/OH Inc. (an affiliate of Gresham, Smith and Partners) is currently exploring downtown Columbus as a potential site for their Central Ohio Office. They are an engineering architecture firm based in Nashville, Tennessee with interest in growing their business in the Columbus market. They will retain 15 positions and anticipate creating 11 positions with an estimated payroll of $1,548,000 in Columbus. This new job creation will generate $30,960 annually in City income tax revenue. Based on this estimate, they would qualify for the Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $15,480 each year five (5) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to GSP/OH Inc.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Program agreement with GSP/OH Inc. as provided in Columbus City Council Resolution 0088-2007, 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 0088-2007 adopted June 4, 2007, authorizing the Department of Development to establish the Columbus Downtown Office Incentive program as amended; and
WHEREAS, The Department of Development has received a completed application for the Columbus Downtown Office Incentive program from GSP/OH Inc.; and
WHEREAS, GSP/OH Inc. estimates they will retain 15 positions and create 11 new positions at 155 East Broad Street, Columbus, Ohio, wit...
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