Explanation
BACKGROUND: The City of Columbus entered into a Downtown Office Incentive Agreement (hereinafter “Agreement”) with Print Syndicate, LLC (also referred to as the “Grantee”) effective July 30, 2013. Columbus City Council approved the Agreement by Ordinance 0994-2013, approved May 6, 2013, and authorized 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, 2014 for a period of three (3) consecutive taxable years based on an investment of approximately $1.46 million in leasehold improvements, including machinery, equipment, inventory, furniture and fixtures, the relocation and retention of 15 jobs and the creation of 80 new full-time permanent positions at 122 N. Grant Avenue Columbus, Ohio 43215 in downtown Columbus. This Agreement was subsequently authorized by Columbus City Council to be amended for the first time to change the project site address from 122 N. Grant Avenue to 107 S. High Street, and to extend the incentive term from two (2) years to three (3) years as the company entered into a 5-year lease agreement by Ordinance 0835-2014, passed on April 21, 2014, with the first amendment made and entered into effective July 9, 2014.
The Department of Development received a written letter, dated December 10, 2014, from Print Syndicate, LLC requesting the City to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc. as the Grantee restructured its organization from a limited liability company to an incorporated company.
This legislation is requested to be considered as an emergency in order to change the company’s business name from Print Syndicate, LLC to Print Syndicate, Inc. on 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 IMPA...
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