Explanation
BACKGROUND: The City of Columbus entered into a Job Creation Tax Credit Agreement (hereinafter "Agreement") with InfoCision Management Corporation effective November 21, 2005. Columbus City Council approved the Agreement by Ordinance 1471-2005, adopted September 12, 2005 and granted a non-refundable tax credit allowed against the tax imposed under Article 9, Chapter 361 of the Columbus City Codes (the "City Tax Credit") of sixty-five percent (65%) of the new income tax revenue received by the City for a taxable year from new employees, as that term was defined in Section 4 of the Agreement, commencing September 12, 2005 and for ten (10) consecutive years thereafter based on a $1.2 million investment in the project, the leasing of 50,000 square feet within the geographical boundaries of the City, and the creation of 250 new permanent full-time positions.
Annual reporting documents for Report Year 2011 were sent to InfoCision Management Corporation on June 12, 2012. A letter dated July 9, 2012 was received by the City on July 13, 2012 indicating that "the lease of the facility at 200 East Campus View Blvd. was cancelled effective December 31, 2010" and that the location was "no longer in operation." This legislation is to dissolve the Agreement between the City of Columbus and InfoCision Management Corporation.
This legislation is presented as an emergency measure so that the dissolution of the Agreement can be reported to the necessary local and state agencies in as expeditious a manner as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Job Creation Tax Credit Agreement between the City of Columbus and InfoCision Management Corporation; to direct the Director of the Department of Development to notify as necessary the local and state tax authorities; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Job Creation Tax Creation Agreement ("Agreement ") with InfoCis...
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