Explanation
BACKGROUND: Columbus City Council (Council) authorized the Director of Development by Ordinance 1647-2009, passed by Council on December 14, 2009, to enter into a Columbus Downtown Office Incentive Agreement (Agreement) with Teng and Associates, Inc. pursuant to Council resolution 0088X-2007, for an annual cash payment equal to fifty percent (50%) of the amount of City withholding tax withheld on new employees for a term of three (3) years on the estimated creation of 25 new full-time permanent positions at 150 E. Gay Street, 6th Floor, Columbus, Ohio, with the term of the Agreement to begin in calendar year 2009.
The need exists to amend the Ordinance No. 1647-2009 to change the term of the Agreement from beginning in calendar year 2009 to beginning in calendar year 2010.
This legislation is requested to be considered as an emergency in order to immediately allow for the Agreement to begin with the term beginning in calendar year 2010.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend Ordinance 1647-2009, passed by Columbus City Council on December 14, 2009, to amend the term of the Columbus Downtown Office Incentive Agreement with Teng and Associates, Inc. to begin in calendar year 2010; and to declare an emergency.
Body
WHEREAS, Columbus City Council (Council) change the authorized the Director of Development to enter into a Columbus Downtown Office Incentive Agreement (Agreement) with Teng and Associates, Inc. by Ordinance 1647-2009 on December 14, 2009; and
WHEREAS, this Agreement would grant a financial incentive based on an amount equal to fifty percent (50%) of the new Columbus withholding tax paid, with the term to begin calendar year 2009 for a period of three (3) years; and
WHEREAS, the need exists to amend the Ordinance 1647-2009 to change the term of the Agreement to begin in calendar year 2009 to beginning in calendar year 2010; and
WHEREAS, an emergency exists in the usual daily opera...
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