Explanation
BACKGROUND: The City of Columbus entered into a Downtown Office Incentive Agreement (hereinafter “Agreement”) with Momentive Specialty Chemicals, Inc., (also referred to as the “Grantee”) effective April 28, 2011. Columbus City Council initially approved the Agreement by Ordinance 1343-2006, approved July 31, 2006, and amended that authorizing legislation by Ordinance 0352-2011, approved March 7, 2011, and granted a financial incentive based on an amount equal to fifty percent (50%) of the City of Columbus income tax withholding remitted for the new Columbus employees employed at the project site, to commence on January 1, 2011 for a period of eight (8) consecutive taxable years based on an investment of approximately $1,360,000 in leasehold improvements and furniture & fixtures, the retention of 243 employees and the creation of 89 new full-time permanent positions at 180 East Broad St., Columbus, OH 43215 in downtown Columbus.
During the Downtown Office Incentive annual reporting cycle for Report Year 2014 and through correspondence with a representative of the Grantee, the City became aware that the name of the Grantee had been changed from Momentive Specialty Chemicals, Inc. to Hexion Inc. on January 20, 2015. As such, the need exists to amend the Agreement to replace Momentive Specialty Chemicals, Inc. with Hexion Inc. as the Grantee to the Agreement.
This legislation is requested to be considered as an emergency in order to replace Momentive Specialty Chemicals, Inc. with Hexion Inc. as the Grantee to the Agreement so that the Downtown Office Incentive payment can be made during the 2015 payment cycle for Report Year 2014 and for the ensuing years moving forward.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Downtown Office Incentive Agreement to replace Momentive Specialty Chemicals, Inc. with Hexion Inc. as the Grantee to the Agreement; and to d...
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