Explanation
BACKGROUND: Columbus City Council, by Ordinance 1492-2005, passed September 21, 2005, authorized the City to enter into a Job Creation Tax Credit Agreement (the Agreement) with Time Warner Cable, Inc. for a tax credit of sixty-five percent (65%) for a period of ten (10) years in association with the creation of 203 new full-time jobs. (It should be noted that this same legislation also authorized the City to enter into an Enterprise Zone Agreement with Gowdy Partners LLC for a tax abatement of seventy-five percent (75%) for a period of ten (10) years in consideration of a total investment of approximately $27,500,000, the retention of 450 full-time permanent jobs and the creation of 153 new full-time jobs. The project involved the construction of a 140,000 square foot facility to accommodate the relocation and expansion of Time Warner Cable, Inc. with the project site being 1015 Olentangy River Road, Columbus, OH 43212 on parcel 010-280574 in association with the same project and a future Enterprise Zone Agreement with Gowdy Partners II LLC on a separate project.) The Agreement was made and entered into to be effective July 5, 2006 by and between the City and Time Warner Entertainment Company, L.P. with the term to commence January 2007 and to continue for ten (10) consecutive taxable years thereafter.
In a letter dated May 3, 2013, Time Warner Cable indicated that on September 30, 2012 an internal reorganization was completed to simplify their organizational structure with the result being that Time Warner Cable Midwest LLC is the newly created entity that currently operates in Columbus, Ohio. This same letter requested that Time Warner Cable Midwest LLC replace the current entity - Time Warner Entertainment Company, L.P. - on the Agreement.
This legislation seeks to replace Time Warner Entertainment Company L.P. with Time Warner Cable Midwest LLC as party to the Agreement.
The terms of the Job Creation Tax Credit Agreement are not modified by th...
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