Explanation
BACKGROUND: The need exists to amend ordinance 0034-2008. Columbus City Council approved the ordinance on January 14, 2008. The ordinance authorized the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with Abercrombie & Fitch Management Co. The Jobs Growth Incentive is equal to thirty percent (30%) of the amount of personal income tax withheld on new employees for a term of five (5) years in consideration of a proposed investment of $5.8 million and the creation of 70 permanent full-time jobs. An amendment is now needed to reflect the correct name of the Job Growth Incentive recipient. The correct name is Abercrombie & Fitch Stores, Inc. instead of Abercrombie & Fitch Management as reflected in ordinance 0034-2008.
Headquartered in New Albany, Ohio, Abercrombie & Fitch operates 362 same brand name stores and a total of 1004 stores across four brands located throughout the United States, except Wyoming. With six stores in Canada and one international flagship store in London, the company plans to continue expansion outside the United States. Abercrombie & Fitch is proposing to purchase a building in the Rickenbacker area to open a distribution facility.
Emergency action is necessary in order to allow Abercrombie & Fitch to begin investing and creating jobs as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 0034-2008 to correct the name of the recipient of the Jobs Growth Incentive to be Abercrombie & Fitch Stores, Inc; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved the legislation to enter into a Jobs Growth Incentive by ordinance 0034-2008, passed January 14, 2008; and
WHEREAS, the Jobs Growth Incentive would provide an incentive equal to 30% of Columbus withholding for a period of 5 years based on an investment of $5.8 million and the creation of 70 full time jobs; and
WHEREAS, a...
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