Explanation
BACKGROUND: The City of Columbus (“CITY”) entered into a Jobs Growth Incentive Agreement (hereinafter “AGREEMENT”) with Valhalla Holdings, Inc., Woda Constructions, Inc., Valhalla Personnel, Inc. & The Woda Group, Inc., (together “GRANTEE”) effective December 11, 2017. Columbus City Council approved the AGREEMENT by Ordinance Number 2253-2017, adopted September 18, 2017, and granted a financial incentive based on an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of New Employees at the Project Site and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of those New Employees at the Project Site who are also City of Columbus residents at the end of each calendar year, to commence on January 1, 2018 and for five (5) consecutive years thereafter based on an investment of approximately $2.5 million in building improvements and furniture & fixtures related to the consolidation, relocation and corporate headquarters expansion by combining offices in Westerville and Columbus into approximately 26,000 square feet of vacant commercial office space, the retention of 60 full-time positions and the creation of 100 new permanent full-time positions with an estimated annual payroll of $5.15 million at the PROJECT SITE, 500 South Front Street, Columbus, OH 43215.
In a letter received by the CITY dated April 12, 2019, the CITY was advised that “between the time of execution of the Agreement and the time of the first reporting year, 2018, the following entity name changes occurred: Valhalla Holdings, Inc. was changed to Woda Cooper Companies, Inc.; and Valhalla Personnel, Inc. was changed to Woda Cooper Personnel, Inc.” and that “the following entity names will remain the same: Woda Construction, Inc. and The Woda Group, Inc.” with the letter also requesting to “amend the Agreement to correctly reflect the above named entity changes for the Grantees per the ...
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