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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR OHIO STATE UNIVERSITY PHYSICIANS, INC.
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WHEREAS, the Department of Development created the City of Gahanna Office & Industrial Incentive Program guidelines, which are a statement of policy designed to increase employment opportunities and encourage the establishment of new jobs; and
WHEREAS, the incentive is a yearly payment to the employer based on up to 3/4 of a percent of the paid income tax withholding from new job creation for a period of between one and five years; and
WHEREAS, Council has adopted the City of Gahanna Office & Industrial Incentive Program guidelines by ORD-0212-2002; and
WHEREAS, the Incentive Advisory Board met on Monday, July 27, 2008 to review the application to grant incentives to Ohio State University Physicians, Inc. for a period of five (5) years, at a rate of .50% of the paid income tax withholding from their employees;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That this Council hereby acknowledges the recommendation of the Incentive Advisory Board for Ohio State University Physicians, Inc.
Section 2. That Ohio State University Physicians, Inc. is approved for a payment of .50% of the net collected income tax for five (5) years.
Section 3. That the incentive shall begin the first full year of occupancy after January 1, 2009.
Section 4. That the incentive shall coincide with the Ohio Department of Development job creation tax credit program.
Section 5. Prior to the end of the incentive period and for a period afterwards equal to the length of the incentive, if Ohio State University Physicians, Inc. relinquishes its site and therefore is no longer located in Gahanna, then the City shall require the Company to repay 200% of all the incentive payments received from the City of Gahanna.
Section 6. That the incentive shall be in effect for a period of five (5) years, not to exceed 20 consecutive quarters, provided that all federal, state and local taxes are paid in full at the time of each requested reimbursement. If the taxes are not paid in full for the subject reimbursement year, OSU Physicians, Inc. forgoes the incentive for that year.
Section 7. That Ohio State University Physicians, Inc., shall request reimbursement from the City by June of the second year and each year thereafter the incentive is in effect for the period of the approved term.
Section 8. That if Ohio State University Physicians, Inc., declares bankruptcy, then the debt owed to the City per the conditions to the agreement outlined in the adopted Office and Industrial Incentive Guidelines shall be the obligation of any successor lessee and notice of said debt shall be placed as an addendum to the lease.
Section 9. That Ohio State University Physicians, Inc., shall complete an annual incentive report provided by the Department of Development for each effective year.
Section 10. That the Advisory Board of the Office and Industrial Incentive Program reserves the right to terminate or revoke the incentive with thirty (30) days written notice to Ohio State University Physicians, Inc., if the company fails to comply with the guidelines of the program.
Section 11. That the Incentive Application Form completed by Ohio State University Physicians, Inc.,and the Department of Development Informational Memorandum are attached to this ordinance as EXHIBIT A and made a part hereof.
Section 12. That this ordinance shall be in full force and effect after passage by Council and 30 days after date signature approval by the Mayor.