Explanation
BACKGROUND: This legislation authorizes the payments to employers who have met the requirements of their Jobs Growth Incentive Program (JGI) agreement and are eligible for payment for the 2010 reporting (tax) year.
For tax year 2010, the City of Columbus had a total of fourteen (14) active JGI projects for which employers have met the requirements of their JGI agreements and thus are eligible to receive their payments for 2010. The total dollar amount to be disbursed for these fourteen (14) 2010 JGI payments is $2,114,514.42. The fourteen (14) projects with the JGI payment subtotals are as follows: $8,551.99 to Advanced Engineering Consultants Ltd.; $4,751.19 to Castor Connection, Inc.; $13,287.82 to ComResource; $22,995.10 to eCommerce, Inc.; $58,864.17 to Express LLC; $98,272.62 to Grange Mutual Casualty Company; $9,993.22 to International Diversified Funding, Inc.; $5,419.48 to Joseph T. Ryerson & Son, Inc.; $42,734.15 to Limbach Company LLC; $1,310,339.60 to Nationwide Children's Hospital; $500,441.46 to Ohio State University Physicians, Inc.; $28,686.64 to Ohio Valley Cable Services, Inc.; $2,489.37 to Syscom Advanced Materials; and $7,687.61 to Zyvex Performance Materials, LLC.
FISCAL IMPACT: The 2011 General Fund budget (citywide account) includes funding for these payments. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $528,628.61 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfer $2,114,514.42 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $528,628.61 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments totaling $2,114,514.42 in accordance with the Jobs Growth Incentive Program agreements; to authorize the expenditure of $2,11...
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