Explanation
BACKGROUND:
Ordinance No. 0636-2004 authorized the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Program agreement with GatesMcDonald & Company. GatesMcDonald & Company has moved their Corporate Headquarters and 399 employees to their current location at 215 North Front Street paying $463,654.43 in income tax withholding in 2005 qualifying them for a $231,827.22 incentive payment in 2006.
FISCAL IMPACT:
The 2006 General Fund Budget includes funding for this incentive payment.
Title
To authorize and direct the payment of $231,827.22 to GatesMcDonald & Company in accordance with the Downtown Office Incentive agreement; and to authorize the expenditure of $231,827.22 from the General Fund. ($231,827.22)
Body
WHEREAS, Ordinance No. 0636-2004, authorized the Director of the Development Department to enter into a Downtown Office Incentive Program agreement with GatesMcDonald & Company; and
WHEREAS, GatesMcDonald & Company employ 399 people at 215 North Front Street; and
WHEREAS, The City will pay GatesMcDonald & Company a Downtown Office Incentive payment in the amount of $231,827.22; now, therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor is hereby authorized and directed to make payment to GatesMcDonald & Company in the amount of $231,827.22 in accordance with the Downtown Office Incentive Program agreement authorized by ordinance 0636-2004.
Section 2. That the expenditure of $231,827.22, or so much as may be necessary, be and is hereby authorized from the Development Department, Department 44-01, General Fund, Fund 010, Object Level Three 5513, OCA 440313.
Section 3. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.