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File #: 2115-2017    Version:
Type: Ordinance Status: Passed
File created: 7/24/2017 In control: Rules & Reference Committee
On agenda: 7/31/2017 Final action: 8/3/2017
Title: To enact new Section 362.066 of the Columbus City Codes, Economic Development Net Profit Tax Incentive, to provide for the creation of new job opportunities within the City of Columbus; and to declare an emergency.
Sponsors: Elizabeth Brown
Explanation

BACKGROUND: Columbus is the fastest growing metro area in the Midwest, the top metro for job growth in the Midwest, and the top metro for wage growth in the U.S. A growing tech area, research and technology institutions in the Columbus region are attracting the brightest minds from around the world. Columbus is nationally recognized for innovation, and with a growing population and economy, we are fueled by a workforce that is younger and more educated than the national average. Our youthful, progressive nature is matched by a diverse economy that offers a variety of career paths in education, government, information technology, research, insurance and healthcare sectors throughout the city, just to name a few.

Furthermore, Columbus is gaining nationwide recognition for its historic neighborhoods, booming downtown arts and sporting districts, open attitude and a noticeably affordable quality of life. With this attention, more and more business executives from around the world are inquiring and seeing firsthand that Columbus is a vibrant and growing metropolis ripe for investment. More are recognizing Columbus as an international economic powerhouse with a gross metropolitan product (GMP) of approximately $118 billion - an economy larger than 142 countries and 17 states. The Columbus Region is home to 15 Fortune 1,000 and four Fortune 500 headquarters.

As the City of Columbus Department of Development fulfills its economic development mission of generating opportunity for the community today, while building economic capacity for the future, a new tool is necessary to address a competitive taxation challenge when the City is vying for large-scale, high-salary job creation and investment projects. The Columbus City Auditor (herein “Auditor”) and the Director of Department of Development (herein “Director”), in collaboration, have developed a new, distinct incentive offering and is proposing the establishment of the Economic Development Net Pr...

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