Explanation
BACKGROUND: Columbus City Council (COUNCIL), by Ordinance No. 1803-2016, passed July 18, 2016, authorized the City of Columbus (CITY) to enter into a Job Creation Tax Credit Agreement (the AGREEMENT) with Big Lots, Inc. (the GRANTEE) equal to fifty percent (50%) of the amount of new employee city income tax withholdings for a term of six (6) years in consideration of the retention of 1,107 full-time permanent positions with an associated annual payroll of $79,500,000 and the creation of 25 new full-time permanent positions with an associated annual payroll of $962,500 at two project sites - the company’s current headquarters and distribution center located at 300 Phillipi Road Columbus, Ohio 43228 and approximately 25 acres located at the southwest quadrant of State Route 161 and Hamilton Road on parcel no. 010-221377 (Hamilton Quarter project site) which will be the future headquarters location.
The need exists to amend Ordinance No. 1803-2016 to add the following affiliates of Big Lots, Inc. as grantees to the AGREEMENT: Big Lots Stores, Inc., Big Lots F&S, Inc., and Big Lots eCommerce LLC. These entities to be added are also responsible for the investment, job retention, and job creation commitments as outlined in the authorizing Ordinance. Therefore, Big Lots, Inc., Big Lots Stores, Inc., Big Lots F&S, Inc., and Big Lots eCommerce LLC (henceforth, all four entities will collectively be referred to hereinafter as “BIG LOTS GROUP”), shall collectively become the GRANTEE on the AGREEMENT.
Furthermore, the AGREEMENT was not signed by the GRANTEE before the signature deadline identified in the Ordinance, in part due to the need to identify the newly added entities identified herein. In subsequent correspondence, the GRANTEE has affirmed its intention to fulfil the commitments outlined in the AGREEMENT, contingent upon the availability of the previously authorized Job Creation Tax Credit.
Therefore, this legislation seeks to add Big Lots Stores, ...
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