Explanation
BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (hereinafter “Agreement”) with Information Control Corporation (also referred to as the “Grantee”) effective August 26, 2008. Columbus City Council approved the Agreement by Ordinance 0597-2008, passed April 14, 2008, and granted a financial incentive based on an amount equal to twenty-five percent (25%) of the new Columbus withholding tax paid by the new employees at the project site, to commence January 1, 2009 for a period of five (5) consecutive taxable years in consideration of a total investment of approximately $200,000 towards leasehold improvements, the retention of 247 full-time permanent jobs with an annual payroll of approximately $21.6 million, and the creation of 90 new full-time permanent positions with an annual payroll of approximately $5.4 million at 2500 Corporate Exchange Drive, Columbus, Ohio 43231.
In a letter from the Grantee dated December 4, 2013, the Grantee stated that a new investor was added to the company and on April 1, 2013 all assets were transferred from the previous Subchapter S Corporation to a new Limited Liability Company, Information Control Company LLC. This same letter requested that Information Control Company LLC replace the current Grantee on the Agreement.
This legislation seeks to replace Information Control Corporation with Information Control Company LLC as the Grantee within the Agreement.
This legislation is presented as an emergency measure in order for this amendment to be legislated as quickly as possible so that the amendment to the Agreement can be executed allowing Information Control Company LLC to make use of the incentive without undue delay.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Jobs Growth Incentive Agreement to replace Information Control Corporation with Information Control Company LLC as the Grantee wit...
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