Explanation
BACKGROUND: The City of Columbus (“CITY”) entered into a Job Creation Tax Credit Agreement (hereinafter the “AGREEMENT”) with NBBJ LLC (GRANTEE) effective July 14, 2014. Columbus City Council (COUNCIL) approved the AGREEMENT by Ordinance No. 0662-2014, adopted April 7, 2014, and granted a non-refundable tax credit in an amount of sixty-five percent (65%) of the new municipal income tax revenues generated by new employees at the project site for six (6) years, commencing January 1, 2016 and for six (6) consecutive years thereafter in consideration of an investment of approximately $2 million in leasehold improvements and new furniture and fixtures, the relocation and retention of 100 full-time jobs and the creation of 16 full-time permanent positions related to the establishment of a new office in the city’s southern downtown office district by entering into a long-term lease agreement on approximately 20,000 square feet of newly constructed office space at 250 South High Street, Columbus, Ohio 43215 (the “PROJECT SITE”).
In a letter from the GRANTEE dated February 18, 2020, the GRANTEE requested that the CITY “cancel the Job Creation Tax Credit Agreement between City of Columbus and NBBJ effective for the report year of 2019” and also requested that no reporting materials be distributed for Report Year 2019. This legislation is to dissolve the AGREEMENT between the City of Columbus and NBBJ LLC.
This legislation is presented as an emergency measure in order for this dissolution to be legislated in the most expedient manner as possible so that this dissolution of the AGREEMENT can be reported to the necessary local and state agencies without further delay.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Job Creation Tax Credit Agreement between the City of Columbus and NBBJ LLC, and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Job Creation Tax Credit Agreement (the “AGREEMENT”) with...
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