Explanation
BACKGROUND: The City of Columbus entered into a Joint Economic Development District (“JEDD”) Contract with the Village of Ashville and Madison Township on June 30, 2010, creating the Madison Township Joint Economic Development District, where a 2.50% tax on income is withheld from employees working within the JEDD territory and on net business profits sitused to the JEDD territory. Additionally, the City entered into an Annexation Moratorium Agreement on June 30, 2010, with the Village of Ashville and Madison Township.
The City of Columbus, the Village of Ashville and Madison Township agree to amend the Joint Economic Development District Contract and the Annexation Moratorium Agreement to include an additional 201.8 acres of land for development in the Joint Economic Development District boundaries.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to execute the first amendment to the Madison Township Joint Economic Development District Contract with the Village of Ashville and Madison Township and the first amendment to the Annexation Moratorium Agreement with the Village of Ashville and Madison Township.
Body
WHEREAS, pursuant to Ohio Revised Code (“R.C.”) Sections 715.72 - 715.81 (the “JEDD Statutes”), the City of Columbus (this “City”), Madison Township (the “Township”) and the Village of Ashville (the “Village”) executed a Joint Economic Development District Contract, executed as of June 30, 2010 (the “Original JEDD Contract”), creating the Madison Township Joint Economic Development District (the “JEDD”). The JEDD currently encompasses a portion of the Township (the “Original JEDD Area”); and
WHEREAS, pursuant to the Original JEDD Contract, the Board of Directors for the JEDD (the “JEDD Board”) imposed a 2.50% tax on income withheld from employees working within the JEDD Territory and on net business profits sitused to the Original JEDD Area; and
WHEREAS, the...
Click here for full text