Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with The Ohio State University Medical Center, equal to thirty percent (30%) of the amount of new income tax withheld on employees for a term of up to 15 years, not to exceed $35 million in consideration of The Ohio State University Medical Center's proposed investment of $1.005 billion and the creation of 5,615 new permanent full-time jobs.
Located in Columbus, Ohio, The Ohio State University Medical Center is one of the largest and most diverse academic medical centers in the country and the only academic medical center in central Ohio. The Ohio State University Medical Center currently employs 12,883 full-time employees.
The Ohio State University Medical Center is embarking on a strategic plan that includes over a billion dollars in investment to improve its medical campus as well as the OSU East campus at East Broad Street near Downtown. Also included in the Project is the investment of millions of dollars to revitalize the neighborhood surrounding the OSU East Facility. The plan expects to create 5615 new jobs for Columbus.
The Ohio State University Medical Center is requesting a Jobs Growth Incentive.
Emergency action is requested to allow the Jobs Growth Incentive Agreement between The Ohio State University Medical Center and the City of Columbus to entered into in a timely manner.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with The Ohio State University Medical Center to pay annually an amount equal to 30% of the personal income tax withheld on new employees for a term of up to 15 years, not to exceed $35 million, in consideration of a proposed investment of $1.005 billion and the creation of 5615 permanent full-time jobs; and to declare an emergency.
Body
WHEREAS, the City desires to increase...
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