Explanation
BACKGROUND: Columbus City Council (Council), by Ordinance No. 0230-2005, passed February 14, 2005, authorized the City to enter into an Enterprise Zone Agreement (the Agreement) with ms consultants, inc. (Enterprise) and 2 Generation LTD (Landlord) for a tax abatement of sixty-five percent (65%) for a period of ten (10) years in consideration of a $2,738,000 investment in real property improvements by Landlord, a $300,000 investment in personal property, the retention of 89 permanent full-time jobs, and the creation of 69 permanent full-time jobs by Enterprise related to a 16,000 square foot addition to their facility at 2221 Schrock Road in Columbus, Ohio and within the City of Columbus Enterprise Zone. The Agreement was made and entered into to be effective July 27, 2005 (EZA# 023-05-05).
The 2009 Columbus Tax Incentive Review Council (TIRC) reviewed the ms consultants, inc. and 2 Generation LTD Enterprise Zone project on August 18, 2009, and recommended that the Agreement be continued and that City send Enterprise a job creation warning letter, request a written job plan, and to allow for the possibility of amending the jobs numbers as per the Agreement. Both City and Enterprise have been compliant with the requests of the TIRC. This legislation seeks to authorize amendment of the Agreement to amend the job creation and job retention requirements as set forth in the Agreement, removing specific requirements for the creation and retention of jobs and replacing that with achieving and maintaining an overall job level of 105 jobs with a commensurate overall payroll of $3,675,000. It is anticipated that the company will be able to maintain good compliance in future years with the revised overall job level requirement. The terms of the property tax abatement are not modified by this amendment and it is expected to run through 2013.
This legislation is presented as an emergency measure in order for this amendment to be legislated prior to the ...
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