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File #: 1140-2013    Version: 1
Type: Ordinance Status: Passed
File created: 5/2/2013 In control: Development Committee
On agenda: 5/20/2013 Final action: 5/23/2013
Title: To dissolve the Jobs Growth Incentive Agreement between the City of Columbus and 2Checkout.com, Inc.; to direct the Director of Development to notify any and all parties to the Agreement of the dissolution; and to declare an emergency.
Explanation

BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (hereinafter “Agreement”) with 2Checkout.com, Inc. effective December 21, 2011. Columbus City Council approved the Agreement by Ordinance 1390-2011, passed September 19, 2011 and granted a tax incentive based on an amount equal to twenty-five percent (25%) of the new Columbus withholding tax paid by New Employees, as that term was defined in Section 5 of the Agreement, commencing January 1, 2012 and for a period of five (5) consecutive taxable years through December 31, 2016 thereafter based on an investment amount of $390,000 in leasehold improvements, including personal property, the retention of 89 full-time positions and the creation of 100 new permanent full-time jobs at 1785 O’Brien Road (the “Project Site”) within the City of Columbus.

On January 3, 2013, the Department of Development, Economic Development office received a letter from 2Checkout.com, Inc.’s Chief Executive Officer dated December 11, 2012 respectfully requesting the dissolution of the Columbus Jobs Growth Incentive Agreement. Accordingly, the company has outgrown its current space and relocated its operations from the City of Columbus to the City of Grandview Heights. 2Checkout.com, Inc. was in operation at the Project Site during Report Year 2012, however, began moving its operation to the City of Grandview Heights and so no payment and reporting is required per the terms of the Agreement for Report Year 2012 in 2013. This legislation is to dissolve the Agreement between the City of Columbus and 2Checkout.com, Inc.

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 an expedient manner.

FISCAL IMPACT: No funding is required for this legislation.

Title

To dissolve the Jobs Growth Incentive Agreement between the City of Columbus and 2Checkout.com, Inc.; to direct the Director of Development ...

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