Explanation
BACKGROUND: The Columbus Jobs Growth Incentive Program is designed to increase employment opportunities and encourage the establishment of new jobs, and is one of the development tools utilized by the City of Columbus to encourage new job creation. The incentive is a yearly payment to the employer based on a percentage of the income tax withholding from new job creation for a period of years as set forth in the Jobs Growth Incentive Agreement. It is necessary to authorize payments to employers who have met the requirements under their Jobs Growth Incentive Program agreements, and doing so will allow these employers the ability to continue to work towards compliance of the requirements of their agreements. This legislation authorizes the payment to an employer associated with the following active project which has met the requirements of their respective agreement and is eligible for payment for the 2014 reporting (tax) year: The Ohio State University Wexner Medical Center.
Emergency action is necessary to make payments in accordance with the Jobs Growth Incentive Program agreement.
FISCAL IMPACT: The total dollar amount to be disbursed for the 2014 JGI payment for The Ohio State University Wexner Medical Center agreement is $1,702,232.78. The 2016 General Fund budget (citywide account) includes funding for this payment. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $425,558.20 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to transfer an amount not to exceed $1,702,232.78 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $425,558.20 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make a payment not to exceed $1,702,232.78 in accordance with the Jobs Growth Incentiv...
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