Explanation
BACKGROUND: The need exists to amend the City of Columbus dual-rate Jobs Growth Incentive Agreement (“AGREEMENT”) between the City of Columbus (“CITY”) and CoverMyMeds LLC (“GRANTEE”). Columbus City Council (“COUNCIL”), per Ordinance No. 1949-2018, passed on July 23, 2018, authorized the Director of the Department of Development to enter into an AGREEMENT with the GRANTEE for an annual cash payment 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 those employees who are also City of Columbus residents at the end of each calendar year, for a term up to eight (8) consecutive years. The GRANTEE committed, in collaboration with real estate development partners, OBM HQ, LLC, FDP Investments I, LLC and FDP Investments II, LLC (collectively, and hereinafter referred to as “OWNER”), or related entity thereof, to construct (i) a new approximately 200,000-square-foot Class A office building, ancillary campus amenities, and surface parking (“PHASE 1”), and may, at a later date, construct or cause to be constructed a second one (ii) consisting of approximately 200,000-square-foot Class A office building (total of approximately 400,000 square feet), and one or more associated parking structures containing up to approximately 1,150 parking spaces (“PHASE 2”) (hereinafter the building or buildings, related amenities and parking structures that are actually constructed shall be collectively referred to as the “PROJECT”). The GRANTEE committed to invest, or cause to be invested approximately $100,000,000.00 during PHASE I and combined total of up to approximately $240,000,000.00 for both PHASES 1 and 2, of which up to approximately $225,000,000.00 was anticipated to be related to real property improvements. This new campus will be located along McKinley Ave. west of North Hartford Ave. on what ...
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