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File #: 2602-2019    Version: 1
Type: Ordinance Status: Passed
File created: 10/2/2019 In control: Economic Development Committee
On agenda: 10/14/2019 Final action: 10/16/2019
Title: To amend Ordinance 1839-2019, passed on July 22, 2019, for the purposes of changing the initial incentive term from a term of up to five (5) consecutive years to an incentive term of up to six (6) consecutive years and to extend the window to execute the Jobs Growth Incentive Agreement to 90 days after passage from this ordinance; and to declare an emergency.
Explanation
BACKGROUND: The need exists to amend Ordinance 1839-2019 approved by Columbus City Council on July 22, 2019, which authorized the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement (the “AGREEMENT”) with Williams Lea Inc. (“Williams Lea”) in an amount equal to (i) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty-five percent (35%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, for a term of up to five (5) consecutive years. An amendment is now required to revise the initial incentive term and also to revise the 90-day period needed to execute the AGREEMENT to 90 days after the passage of this legislation.

Subsequent to executing the AGREEMENT, and through ensuing correspondence, it was ascertained that there was an error in the initial legislation. The Columbus Jobs Growth Incentive program allows an incentive term of two (2) years less than the lease agreement. The company proposed to enter into a long-term lease agreement at a minimum of eight (8) years. Williams Lea and the Department of Development had agreed to an initial incentive term of up to six (6) consecutive years, instead of a term of up to five (5) consecutive years.

The Department of Development and Williams Lea request that the initial incentive term be amended to reflect an incentive term of up to six (6) consecutive years and to extend the window to execute the AGREEMENT to 90 days after the passage of this legislation.

This legislation is requested to be considered as an emergency in order to extend the incentive term from a term of up to five (5) consecutive years to an incentive term of up to six (6) consecutive years so as to authorize the AGREEMENT with the correct incentive term and to revise the 90-day period needed to execute the Jobs Grow...

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