Explanation
BACKGROUND:
The City of Columbus currently has an excessive amount of vacant office space in our downtown market. This high vacancy rate is having a negative impact on all business activity downtown and throughout the city. Stanbery Development LLC is currently exploring downtown Columbus as a potential site for their expansion. They anticipate bringing an estimated 12 new positions downtown. This new job creation is estimated to generate $900,000 of payroll and $18,000 annually in City income tax revenue. Based on this estimate, they would qualify for a Columbus Downtown Office Incentive of an amount equal to 50% of the payroll taxes paid or $9,000 each year for five (5) years. The Downtown Development Office recommends granting the Columbus Downtown Office Incentive Program to Stanbery Development LLC.
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 Program agreement with Stanbery Development LLC as provided in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007.
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 0088X-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 Stanbery Development LLC; and
WHEREAS, Stanbery Development LLC estimates that it will create 12 new positions at 328 South Civic Center Dr., with a projected payroll of $900,000 generating estimated City of Columbus income tax revenue of $18,000 annually; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF C...
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