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. Knowledge Management Interactive, Inc. is currently exploring downtown Columbus as a potential site for relocation. They are developers of web based learning system management. They anticipate employing 15 people downtown. This job creation is estimated to generate $700,000 of payroll and $14,000 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 $7,000 each year for four years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to Knowledge Management Interactive, 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 Knowledge Management Interactive, Inc. as provided in Columbus City Council Resolution 075X-2004 adopted March 29, 2004.
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 075X-2004, adopted March 29, 2004, authorized 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 Knowledge Management Interactive, Inc.; and
WHEREAS, Knowledge Management Interactive, Inc. estimates they will create 15 new jobs at 330 West Spring Street, with a projected payroll of $700,000 generating estimated City of Columb...
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