Explanation
BACKGROUND: Resolution 0088X-2007, adopted June 4, 2007, supported the continuation of the Columbus Downtown Office Incentive Program (DOI) as one of the development tools needed to implement the Downtown Business Plan. This legislation authorizes the payments to employers who have met the requirements of their Downtown Office Incentive Program agreement. For tax year 2015, the City of Columbus had a total of twelve (12) active and reporting DOI projects for which employers have met the requirements of their DOI agreements and thus are eligible to receive their payments for 2015. The total dollar amount to be disbursed for these twelve (12) 2015 DOI payments is $785,498.66. The twelve (12) projects with the DOI payment subtotals are as follows: (1) $7,735.79 to Aver, Inc.; (2) $68,992.52 to CoverMyMeds LLC; (3) $42,896.71 to Dynamit Technologies, LLC; (4) $19,346.21 to Exel Inc.; (5) $411,873.71 to Hexion Inc.; (6) $94,264.81 to Lancaster Pollard & Co.; (7) $33,587.56 to Medical Mutual of Ohio; (8) $1,110.56 to Ohio Film Group LLC; (9) $20,744.87 to OhioHealth Star Corporation; (10) $20,304.58 to PEOPLETOMYSITE, LLC.; (11) $3,472.32 to Privit, Inc.; and (12) $61,169.02 to Turner Construction Company.
FISCAL IMPACT: The 2016 General Fund budget (citywide account) includes funding for these payments. A transfer equal to 25 percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $196,374.67 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 $785,498.66 within the General Fund; to authorize and direct the City Auditor to appropriate and transfer $196,374.67 in cash from the Special Income Tax Fund to the General Fund; to authorize and direct the City Auditor to make payments not to exceed a total of $785,498.66 in accordance with the Downtown Office Incentive (DOI) Program...
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