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. Brady, Ware & Schoenfeld, Inc is currently exploring downtown Columbus as a potential site for their Central Ohio Office. They are a CPA Firm based in Richmond, Indiana with interest in growing their business in the Columbus market. They anticipate creating 14 positions with an estimated payroll of $1.2 million in Columbus. This new job creation will generate $24,000 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 $12,000 each year five (5) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive program to Brady, Ware & Schoenfeld, 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 Brady, Ware & Schoenfeld, 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, 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 Brady, Ware & Schoenfeld, Inc.; and
WHEREAS, Brady, Ware & Schoenfeld, Inc. estimates they will create 14 new positions in the One Columbus Building 10 West Broad Street, Columbus, Ohio, wit...
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