Explanation
BACKGROUND: The City of Columbus (CITY) entered into a Downtown Office Incentive Agreement (AGREEMENT) with Northwest Bank (GRANTEE) effective June 30, 2020. Columbus City Council (COUNCIL) approved the AGREEMENT by Ordinance No. 0443-2020, passed on March 2, 2020, and granted a financial incentive based on an amount equal to fifty percent (50%) of new employee withholding tax paid at the project site, to commence on January 1, 2021 for a period of five (5) consecutive taxable years based on an investment of approximately $50,000 to expand operations at 401 N. Front Street, Columbus Ohio 43215 (PROJECT SITE). Additionally, the GRANTEE was to create 10 new full-time permanent positions with a cumulative estimated annual payroll of approximately $1,385,000 and retain 1 full-time permanent position with an annual payroll of $310,000 at the PROJECT SITE.
In a letter from the GRANTEE dated January 7, 2021, the GRANTEE requested the CITY dissolve the Downtown Office Incentive Agreement and consolidate the commitments with the existing Jobs Growth Incentive Agreement. This legislation is to dissolve the Downtown Office Incentive AGREEMENT between the City of Columbus and Northwest Bank. No incentive benefits have been made to the GRANTEE under this incentive.
This legislation is presented as an emergency measure in order for this dissolution to be legislated in the most expedient manner possible so that the commitments under this AGREEMENT can be consolidated with the existing Jobs Growth Incentive Agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To dissolve the Downtown Office Incentive Agreement between the City of Columbus and Northwest Bank, and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Downtown Office Incentive Agreement (AGREEMENT) with Northwest Bank (GRANTEE) by Ordinance No. 0443-2020 on March 2, 2020 with the AGREEMENT having been made and entered into effective June 30, 202...
Click here for full text