Explanation
BACKGROUND: Resolution No. 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.
FISCAL IMPACT: For tax year 2016 (also calendar year), the City of Columbus had a total of seventeen (17) 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 calendar year 2016. The total dollar amount to be disbursed for these seventeen (17) 2016 DOI payments is $1,073,769.10. The seventeen (17) projects with the DOI payment subtotals are as follows: (1) $5,371.26 to Aver, Inc.; (2) $185,781.36 to CoverMyMeds LLC; (3) $52,138.87 to CrossChx, Inc.; (4) $24,805.69 to Dynamit Technologies, LLC; (5) $39,261.54 to Exel Inc.; (6) $347,095.40 to Hexion Inc.; (7) $52,329.47 to Jeni’s Splendid Ice Creams LLC; (8) $124,158.51 to Lancaster Pollard Holdings, LLC dba Lancaster Pollard & Co.; (9) $7,011.32 to Lexant Corporation; (10) $35,224.12 to Medical Mutual of Ohio; (11) $2,074.32 to Ohio Film Group LLC; (12) $11,912.49 to OhioHealth Star Corporation; (13) $35,751.20 to PeopleToMySite.com LLC dba The Shipyard; (14) $66,696.88 to Pillar Technology Group, LLC; (15) $280.00 to RTTW, LTD dba treetree (16) $15,809.99 to State Automobile Mutual Insurance Company and (17) $68,066.68 to Turner Construction Company.
The 2017 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 $268,442.28 has been factored into the current special income tax analysis and resultant capital capacity.
Emergency action is requested so that the City can make payment as soon a...
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