Explanation
BACKGROUND: The need exists to amend Ordinance 1226-2022 (the “Second Ordinance”) approved by Columbus City Council (“Council”) on May 09, 2022. The Second Ordinance authorized the Director of the Department of Development to amend the City of Columbus Jobs Incentive Agreement (“AGREEMENT”) with Sarepta Therapeutics, Inc. An amendment 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. 1192-2020 (the “Ordinance”), approved on June 15, 2020, 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 Sarepta Therapeutics, Inc. (the “GRANTEE”). The AGREEMENT was made and entered into effective December 28, 2020.
The Second Ordinance authorized the Director of the Development of Development to amend the AGREEMENT with the GRANTEE to (1) revise the total private investment from $32,000,000 to $62,000,000, (2) to revise the job creation commitment from 100 net new full-time permanent positions with an estimated annual payroll of approximately $12,300,000 to 200 net new full-time permanent positions with an associated annual payroll of approximately $23,303,000, and (3) extend the incentive term one (1) additional year.
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 Department of Development is seeking an additional 90-day period to execute, sign and return upon passage of this ordinance.
Subsequently, the need exists to now amend the Second Ordinance. The GRANTEE is requesting the Second Ordinance be amended to revise the 90-day period needed to execute an amendment to the Jobs Growth Incentive Agreement.
This legislation is requested to be considered as an emergency in order to revise the 90-day period needed to execute an amendment to the City of Col...
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