Explanation
BACKGROUND: The City of Columbus (“City”) entered into a Jobs Growth Incentive Agreement (hereinafter “Agreement”) with Manta Media, Inc. (also referred to as the “Grantee”) effective November 22, 2011. Columbus City Council approved the Agreement by Ordinance 1095-2011, approved July 18, 2011, and granted a financial incentive based on an amount equal to twenty-five percent (25%) of the new Columbus withholding tax paid by new employees at the project site, to commence January 1, 2012 for a period of five (5) consecutive taxable years based on the retention of 63 full-time positions, the creation of 130 new permanent full-time positions jobs with an annual payroll of approximately $11.6 million and an investment of approximately $1.0 million in improvements to the existing building, machinery, equipment and furniture at 8760 Orion Place, Columbus, Ohio 43240 (the “Project Site”).
In a letter from the Grantee dated November 3, 2014 and received by the City shortly thereafter, the City was advised that “due to economic pressures and the need to reengineer the product strategy,” the Grantee “does not anticipate that it will fulfill the job creation commitment” and so “respectfully requests that the City of Columbus cancel its Jobs Growth Incentive agreement.” This legislation is to dissolve the Agreement between the City of Columbus and Manta Media, Inc.
This legislation is presented as an emergency measure in order for this dissolution to be legislated prior to the beginning of the 2014 Jobs Growth Incentive reporting cycle eliminating any need for annual reporting documentation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Jobs Growth Incentive Agreement between the City of Columbus and Manta Media, Inc.; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Jobs Growth Incentive Agreement (the “Agreement ”) with Manta Media, Inc. (also referred to as the “Grantee”) by Ordinance 1...
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