Explanation
BACKGROUND: The need exists to amend Ordinance 0080-2011 approved by Columbus City Council on January 31, 2011. The ordinance authorized the Director of the Department of Development to enter into a Job Creation Tax Credit agreement of 65% for a period of six years and a Jobs Growth Incentive agreement of 25% for a period of five years with Citi Fund Services Ohio, Inc. This amendment will allow Citi Fund to extend the 90 day period needed to execute the Job Creation Tax Credit and Jobs Growth Incentive Agreements.
Citi Fund Services Ohio, Inc. is a privately-owned company that was incorporated in 1988 and based in Columbus, Ohio. The company offers fund services, which include administration and accounting, transfer agency and shareholder services, compliance and regulatory support, and marketing and distribution solutions. Citi Fund was formerly known as BISYS Fund Services Ohio, Inc. and changed its name to Citi Fund Services Ohio, Inc. in August 2007. Citi Fund operates as a subsidiary of Citi Investor Services, Inc.
The company is proposing to expand its current facility by adding new lines of business from other Citi Fund locations by investing approximately $2.8 million to renovate and expand its corporate facility located at 3435 Stelzer Road Columbus, Ohio. The company will retain 715 full-time permanent employees and create 300 new full-time permanent positions.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 0080-2011, passed by Columbus City Council on January 31, 2011, for the purpose of extending the deadline to execute the Job Creation Tax Credit and the Jobs Growth Incentive Agreements with Citi Fund Services Ohio, Inc.; 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 Authority and to execute agreements with taxpayers of the State of Ohio for the purpose of granting these tax ...
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