Explanation
BACKGROUND: Columbus City Council, by Ordinance 0795-2008, passed May 12, 2008, authorized the Director of Development to enter into a Job Creation Tax Credit (JCTC) Agreement of sixty-five percent (65%) for a period of eight (8) years with Express, LLC and Express Holding, LLC (collectively known as “Express” and hereinafter referred to as the “Grantee”), based on the company’s commitment to expand its corporate headquarters by investing approximately $7,900,000.00 in leasehold improvements and personal property, the retention of 359 jobs and the creation of 120 new full-time permanent positions with an annual payroll of approximately $7,800,000.00.
Subsequent to the execution of the agreement, the Grantee determined that several new employees would be employed by two additional affiliates. Columbus City Council, by Ordinance 1915-2008, passed December 1, 2008 amended Ordinance 0795-2008 to add Express Topco, LLC and Express Parent, LLC as additional grantees to the JCTC Agreement.
The JCTC Agreement was made and entered into by the City and Express, LLC, Express Holding, LLC, Express Topco, LLC and Express Parent, LLC, effective January 19, 2010 to commence January 1, 2008 for a term of eight (8) consecutive years to end December 31, 2016.
On April 12, 2011 the Department of Development received a letter from Grantee, dated March 24, 2011, requesting that Express Parent, LLC be removed as a grantee to the JCTC Agreement and to be replaced with Express, Inc. Columbus City Council, by Ordinance 0940-2011, passed June 20, 2011, authorized the Director of Development to amend the JCTC Agreement for the purposes of adding Express, Inc. as a grantee and removing Express Parent, Inc. from the agreement.
This first Amendment was made and entered into effective January 1, 2008, but executed by the City Attorney on November 30, 2011, between the City of Columbus and Express, LLC, Express Holding, LLC, Express Topco, LLC and Express, Inc.
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