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File #: 3004-2022    Version: 1
Type: Ordinance Status: Passed
File created: 10/28/2022 In control: Economic Development Committee
On agenda: 11/21/2022 Final action: 11/23/2022
Title: To amend Ordinance No. 2806-2021, passed by Columbus City Council on November 17, 2021, for the purpose of revising the 90-day period needed to execute the First Amendment to the City of Columbus Jobs Growth Incentive Agreement with Upstart Network, Inc. and TriNet Group, Inc., dba TriNet to 90 days after passage of this ordinance; and to declare an emergency.
Explanation

BACKGROUND: The need exists to amend Ordinance No. 2806-2021 (the “Second Ordinance”) approved by Columbus City Council (“Council”) on November 17, 2021. The Second Ordinance authorized the Director of the Department of Development to amend and restate the City of Columbus Jobs Growth Incentive Agreement (the “AGREEMENT”) with Upstart Network, Inc. and TriNet Group, Inc. dba TriNet. An amendment to the Second Ordinance is now required to revise the 90-day period needed to execute the First Amendment to the AGREEMENT.

Columbus City Council (“Council”), by Ordinance No. 1187-2019 (the “Ordinance”), approved on May 13, 2019, authorized the Director of the Department of Development of the City of Columbus (“CITY”) to enter into a dual-rate Jobs Growth Incentive Agreement (the “AGREEMENT”) with Upstart Network, Inc. (the “GRANTEE”). The AGREEMENT was made and entered into effective March 4, 2020.

The Second Ordinance authorized the Director of the Development of Development to amend and restate the AGREEMENT with the GRANTEE to add TriNet Group, Inc. dba TriNet as an additional grantee to the AGREEMENT, to revise the proposed job creation goal from 100 net new full-time permanent positions with an associated annual payroll of approximately $10.75 million to 350 net new full-time permanent positions with an associated annual payroll of approximately $23,389,500, to revise the incentive term of the AGREEMENT from five (5) consecutive years to six (6) consecutive years, to add 800 N. High Street, Columbus, Ohio 43215, parcel number 010-300582 as an additional location to the AGREEMENT’s project site.

The GRANTEE was unable to execute the amendment to the AGREEMENT within the initial 90-day window as approved by Council. As a result, the GRANTEE is not able to take advantage of any potential tax savings of the approved incentive.
Subsequently, the need exists to now amend the Second Ordinance. The GRANTEE is requesting the Second Ordinance be amen...

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