Explanation
BACKGROUND:
This ordinance authorizes the Director of the Department of Development to enter into a Columbus Downtown Office Incentive agreement with the Ohio Credit Union League & Affiliate as provide in Columbus City Council Resolution 0088-2007, adopted June 4, 2007. The Ohio Credit Union League & Affiliate is currently exploring sites for relocation. They are currently located at 5815 Wall Street, Dublin Ohio. They anticipate relocating an estimated 23 positions to Downtown Columbus. These new jobs are estimated to generate $1,930,000 of payroll and $38,600 annually in City income tax revenue. The City has proposed the Columbus Downtown Office Incentive (CDOI) for a term of five (5) years. Based on the above estimates, the incentive will be an amount equal to 50% of the payroll taxes paid each year, or an estimated $19,300 each year for five (5) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive program to the Ohio Credit Union League & Affiliate.
FISCAL IMPACT:
No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive agreement with the Ohio Credit Union League & Affiliate.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 0088-2007, adopted June 4, 2007, authorized the Department of Development to establish the Columbus Downtown Office Incentive program; and
WHEREAS, the Department of Development has received a completed application for the Columbus Downtown Office Incentive program from the Ohio Credit Union League & Affiliate; and,
WHEREAS, Ohio Credit Union League & Affiliate estimates they will create 50 new positions at 65 East State Street, with a projected payroll of $3,141,000 gene...
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