Explanation
BACKGROUND: The need exists to amend the Downtown Office Incentive (DOI) Agreement with Jeni’s Splendid Ice Creams, LLC, that was approved by Columbus City Council by Ordinance 1630-2014 on July 21, 2014, which authorized the Director of the Department of Development to enter into a DOI Agreement of fifty percent (50%) for a period of five (5) consecutive years. The DOI agreement was made and entered into on September 30, 2014. The Department of Development communicated in writing, dated October 6, 2014, to Jeni’s stating that the company’s lease is not the required minimum seven years in length in order to receive a five-year DOI. Therefore, an amendment is now required to change the term of the DOI from five (5) years to three (3) years, with the option to increase the term by two (2) years, should Jeni’s exercise its lease renewal option to extend the lease term by a minimum of two (2) years or execute a new lease at another location within the downtown business district, resulting in a total lease term of at least seven (7) years and a total incentive term of no more than five (5) years.
This legislation is requested to be considered as an emergency in order to allow Jeni’s Splendid Ice Creams, LLC, to receive the remaining benefits of the council-approved Downtown Office Incentive.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the Downtown Office Incentive Agreement with Jeni’s Splendid Ice Creams, LLC, for the purpose of changing the incentive term; and to declare an emergency.
Body
WHEREAS, on July 21, 2014, Columbus City Council passed Ordinance 1630-2014, which authorized the Director of the Department of Development to enter into a Downtown Office Incentive Agreement of fifty percent (50%) for a period of five (5) years; and
WHEREAS, the Downtown Office Incentive Agreement was made and entered into effective September 30, 2014; and
WHEREAS, the lease that Jeni’s Splendid Ice Creams, LLC, entered int...
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