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 2021 (also calendar year and/or report year), the City of Columbus had a total of six (6) DOI agreements for which employers met the requirements of their DOI agreements and thus are eligible to receive their benefit payments for calendar year 2021. The total dollar amount to be disbursed for these six (6) 2021 DOI agreements is $299,873.92. The six (6) agreements with the DOI payment subtotals are as follows: (1) $94,472.02 to BBI Logistics LLC; (2) $87,504.88 to Candid Care Co.; (3) $17,516.23 to Coastal Ridge Real Estate Partners, LLC; (4) $55,378.58 to Electrical Specialists, Inc. dba The Superior Group; (5) $22,496.69 to Everstream Solutions, LLC; and (6) $22,505.52 to ODW Logistics, LLC.
Tax year 2021 (also calendar year and/or report year) is the first year in which Coastal Ridge Real Estate Partners, LLC and Electrical Specialists, Inc. dba The Superior Group reported and the final year for ODW Logistics, LLC.
Emergency action is requested so that the City can make payment in accordance with the Downtown Office Incentive Program agreements.
FISCAL IMPACT: The 2021 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 $74,968.48 has been factored into the current special income tax analysis and resultant capital capacity.
Title
To authorize the City Auditor to transfer an amount not to exceed $299,873.92 within the General Fund; to authorize the City Auditor to appropriate and transfer $74,968.48 in cash from the Sp...
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