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.
For tax year 2018 (also calendar year and/or report year), the City of Columbus had a total of seven (7) 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 2018. The total dollar amount to be disbursed for these seven (7) 2018 DOI payments is $491,334.74. The seven (7) projects with the DOI payment subtotals are as follows: (1) $68,082.76 to Bark & Co., Inc. dba BarkBox; (2) $48,488.63 to CrossChx, Inc.; (3) $15,932.63 to Engage Holdings, LLC dba iQventures; (4) $227,649.80 to Hexion Inc.; (5) $6,884.06 to Keno Kozie Associates, LTD; (6) $10,432.55 to ODW Logistics, LLC and (7) $113,864.31 to Pillar Technology Group, LLC.
Tax year 2018 (also calendar year and/or report year) is the first year in which Bark & Co., Inc. dba BarkBox has reported and will be the final year for Bark & Co., Inc. dba BarkBox; Hexion, Inc. and Pillar Technology Group, LLC.
Emergency action is requested so that the City can make payment as soon as possible and in accordance with the Downtown Office Incentive Program agreements.
FISCAL IMPACT: The 2018 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 $122,833.69 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 $491,334.74 within the general fund; to authorize and di...
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