Explanation
BACKGROUND: This legislation authorizes the payment to The Huntington National Bank, an employer, who has met the requirements of their Jobs Growth Incentive Program (JGI) agreement and are eligible for payment for the 2022 reporting (tax) year. Emergency action is requested so that the City can authorize payment by the end of the fourth quarter of this year in accordance with the Jobs Growth Incentive Program agreement.
For tax year 2022 (also calendar year and/or report year), the City of Columbus had a total of one (1) additional JGI agreement for which the employer met the requirements of their JGI agreement and thus are eligible to receive their benefit payment for calendar year 2022. The total dollar amount to be disbursed for this one (1) 2022 JGI payment is $697,877.03. The one (1) agreement with the JGI payment subtotals are as follows: (1) $697,877.03 to The Huntington National Bank.
Emergency action is requested to make payment in accordance with the Jobs Growth Incentive Program agreement.
FISCAL IMPACT: The 2022 General Fund budget (citywide account) includes funding for these payment. A transfer equal to 25 percent (25%) of the payment will be transferred from the Special Income Tax Fund. The transfer amount of $697,877.03 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfer an amount not to exceed $697,877.03 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $174,469.26 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payment not to exceed a total of $697,877.03 in accordance with the Jobs Growth Incentive (JGI) Program for The Huntington National Bank, for which the employer has met the requirements of their JGI agreement and thus are eligible to receive their payment for tax year 2022 (also calendar year...
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