Explanation
BACKGROUND: The City of Columbus ("CITY") entered into a Job Creation Tax Credit Agreement (the "AGREEMENT") with DSW Inc., DSW Shoe Warehouse, Inc., DSW Information Technology LLC, DSW Leased Business Division LLC, Brand Card Services LLC & eTailDirect LLC (collectively, and hereinafter referred to as "GRANTEE") effective March 20, 2017. Columbus City Council ("COUNCIL") approved the AGREEMENT by Ordinance Number 2912-2016, adopted December 5, 2016, and granted a non-refundable tax credit allowed against the tax imposed under Section 362.06, "Income Subject to Net Profit Tax" of the Columbus City Codes of fifty-five percent (55%) of the new income tax revenue received by the CITY for a calendar year from New Employees, commencing January 1, 2018 and for five (5) consecutive years thereafter (i.e., January 1, 2018 through December 31, 2022 for a 5-year credit) based on an investment of approximately $3.6 million in building improvements on vacant commercial space consisting of approximately 82,000 square feet within a repurposed aircraft hangar at 4314 East Fifth Avenue, the retention of 840 new full-time jobs with an annual payroll of approximately $71.32 million and the creation of 100 new full-time permanent positions with an estimated annual payroll of approximately $8.32 million (the "PROJECT") at 810 DSW Drive, 4150 and 4314 East Fifth Avenue, Columbus, Ohio 43219 (the "PROJECT SITE"). The AGREEMENT was made and entered into to be effective March 20, 2017.
Subsequently, the AGREEMENT was amended (the “First Amendment”) by Ordinance Number 2293-2019, approved by COUNCIL on September 16, 2019 that authorized (i) the Director of the Department of Development to update the legal name of DSW Inc. to Designer Brands Inc. and (ii) added language to the AGREEMENT stating that any requested amendment or modification to any of the terms of the AGREEMENT made to the CITY by the GRANTEE shall require the payment to the CITY by the GRANTEE of an AMENDMENT...
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