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 so that the City can encumber funds for the purposes of expenditure prior to the end of this calendar year, 2017.
FISCAL IMPACT: For tax year 2016 (also calendar year), the City of Columbus had a total of twenty-eight (28) 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. Twenty-six (26) of these projects have previously been authorized for payment; the remaining two (2) projects - Apelles, LLC and JPMorgan Chase Bank, NA - are addressed via this legislation. The total dollar amount to be appropriated for the purposes of expenditure is $2,600,000.
The 2017 General Fund budget (citywide account) includes funding for these payments. A transfer equal to twenty-five percent (25%) of the payments will be transferred from the Special Income Tax Fund. The transfer amount of $650,000 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 $2,600,000.00 within the general fund; to authorize and direct the City Auditor to appropriate and transfer $650,000.00 in cash from the Special Income Tax Fund to the general fund; to authorize and direct the City Auditor to make payments in an amount not to exceed a total of $2,600,000.00 in accordance with the Jobs Growth Incentive (JGI) Program for which Apelles, LLC and JPMorgan Chase Bank, NA have met the requirements of their JGI agreements and thus are eligible to receive their payments for 2016; to authorize the expenditure of an amount not to exceed $2,600,000.00 from the general fund; and to declare an emergency. ($2,600,0...
Click here for full text