Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit Agreement with Optimum Technology, Inc. The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.
Optimum Technology, Inc. (Optimum Technology) is a technology company that provides consulting, software development and technology integration services to state and local government agencies. The company was founded in 1984 and is headquartered in Columbus, Ohio, at 100 East Campus View Blvd. Optimum Technology's government integration services help state and local agencies get the most value out of their current technologies while building a framework for new and enhanced data sharing programs.
The project will result in an investment of $150,000 in new personal property, the retention of 38 full-time permanent employees with an annual payroll of $2.5 million and the creation of 60 full-time permanent jobs with an annual payroll of $3.9 million.
The Department of Development recommends a 65%/8 year Jobs Creation Tax Credit.
This legislation is presented as an emergency in order to allow Optimum Technology to make a decision on the location of their proposed expansion as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an agreement with Optimum Technology, Inc. for a Jobs Creation Tax Credit of 65% for a period of 8 years in consideration of the company's investment of $150,000 in new personal property, the creation of 60 permanent full-time jobs and the retention of 38 permanent full-time positions; and to declare an emergency.
Body
WHEREAS, pursuant to Section 122.17 of the Ohio Revised Code, the State of Ohio is authorized to establish the Tax Credit...
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