Explanation
BACKGROUND: This legislation authorizes the payments to employers who have met the requirements of their Jobs Growth Incentive Program (JGI) agreement and are eligible for payment for the 2016 reporting (tax) year. Emergency action is requested as it was the intention of the City to make payment by the end of the second quarter of this year in accordance with the Jobs Growth Incentive Program agreements.
FISCAL IMPACT: For tax year 2016 (also calendar year), the City of Columbus had a total of twenty-six (26) active and reporting JGI projects for which employers have met the requirements of their JGI agreements and thus are eligible to receive their payments for calendar year 2016. One (1) of these projects, Jeni’s Splendid Ice Creams, LLC, is addressed via this legislation; the other twenty-five (25) were addressed via separate legislation (Ordinance #1732-2017). The total dollar amount to be disbursed for the Jeni’s Splendid Ice Creams, LLC JGI payment is $2,305.95.
The 2017 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 $576.49 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize and direct the City Auditor to make payments not to exceed a total of $2,305.95 in accordance with the Jobs Growth Incentive (JGI) Program to Jeni’s Splendid Ice Creams, LLC; to authorize and direct the City Auditor to transfer an amount not to exceed $2,305.95 within the general fund; to authorize and direct the City Auditor to appropriate and transfer $576.49 in cash from the Special Income Tax Fund to the general fund; to authorize the expenditure not to exceed of $2,305.95 from the general fund; and to declare an emergency. ($2,305.95)
Body
WHEREAS, the Columbus Jobs Growth Incentive Program is one of the development tools utilized by the City ...
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