Explanation
Background: The need exists to amend the Large Employment Office Incentive Agreement (the "Agreement") between the City of Columbus and Grange Mutual Casualty Company ("Grange"), which Agreement was originally executed on November 22, 2005. Ordinance No. 1752-2005 authorized the Director of the Department of Development to enter into the Agreement with Grange.
As provided in the Agreement, Grange planned to redevelop its existing facilities, construct a new 200,000 square foot office building, and construct a new parking garage, on its existing campus. In the Agreement, the City granted to Grange a Large Employment Office Incentive equal to 50% of the Columbus income tax withheld from new employees for a period of eight years, commencing in 2009. Because (i) the scope of the existing campus project as described in the Agreement has changed, and (ii) Grange now proposes to construct a new parking garage structure with 1,050 spaces and approximately 15,000 square feet of office space on newly acquired property across Sycamore Street from Grange's existing campus, it is necessary to amend the Agreement.
The revised existing campus project and the additional parking garage/office space project will, together, allow Grange to create approximately 800 new jobs over a twenty-year period and retain approximately 775 existing jobs.
Fiscal Impact: No funding is required for this legislation.
Title
An ordinance to authorize and direct the Director of the Department of Development to enter into a first amendment to Large Employment Office Incentive Agreement with Grange Mutual Casualty Company.
Body
WHEREAS, on November 22, 2005, the City of Columbus (the "City") and Grange Mutual Casualty Company ("Grange") executed a City of Columbus Large Employment Office Incentive Agreement (the "Agreement") pursuant to which the City granted to Grange a financial incentive equal to 50% of the withholding tax (the "Incentive") ...
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