Explanation
BACKGROUND: The City of Columbus entered into a Job Creation Tax Credit Agreement (hereinafter “Agreement”) with International Business Machines Corporation, (also referred to as the “Grantee”) effective March 25, 2013. Columbus City Council approved the Agreement by Ordinance 2690-2012, adopted December 17, 2012, and granted a non-refundable tax credit (the “City Tax Credit”) allowed against the tax imposed under Section 361.09, “Net Profits” 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 calendar year from new employees, as that term is defined in Section 4 of the Agreement, commencing January 1, 2013 and for six (6) consecutive tax years thereafter, based on an investment of approximately $3.2 million in building improvements and personal property, the retention of 671 permanent full-time positions and the creation of 500 permanent full-time positions at the Project Site, 4600 Lakehurst Court, Columbus, OH 43016.
In a letter from the Grantee received by the City dated September 12, 2013, the Grantee indicated that many of the jobs to be retained and created related to the project were associated with additional addresses, namely 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway, and requested that these three additional addresses be added to the description of the Project Site as per the Agreement. It should be noted that the Grantee also indicated in the letter that the employees located at these additional addresses were included in the original 671 retained employee count. As such, the need exists to amend the Agreement to add 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway to the Project Site as described in the Agreement.
This legislation is requested to be considered as an emergency in order to add 4650 Lakehurst Court, 4675 Lakehurst Court and 6060 Britton Parkway to the Project Site as described in the Agreement...
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