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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR PEDIATRIC & ADOLESCENT PRACTITIONERS, INC., (PAP) FOR A PERIOD OF THREE YEARS.
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WHEREAS, the Department of Planning & 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 retention of existing and establishment of new jobs; and
WHEREAS, the incentive is a yearly payment to the employer of up to 50 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 amended the guidelines by the adoption of ORD-0064-2011; and
WHEREAS, the Incentive Advisory Board met on Monday, March 19, 2012, to review the application to grant incentives to PAP, Inc. for a period of three (3) years, at a rate of 15% of the net municipal 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 for approval of the Incentive Advisory Board for Pediatric & Adolescent Practitioners, Inc.
Section 2. That during the term of the Office & Industrial Incentive, upon the written request of PAP, Inc. the company shall receive a payment of a 15% of the company's net municipal income tax in the City of Gahanna for three (3) years as outlined in the agreement.
Section 3. That the incentive shall be in effect for a period of three (3) years, not to exceed 12 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, PAP, Inc., forgoes the incentive for that year.
Section 4. That PAP, 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 5. That if PAP 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 6. That PAP, Inc., shall complete an annual incentive report provided by the Department of Development for each effective year.
Section 7. 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 PAP, Inc., if the company fails to comply with the guidelines of the program.
Section 8. That the Office & Industrial Incentive Agreement to be completed by PAP, Inc., is attached to this ordinance as EXHIBIT A and made a part hereof.
Section 9. That this ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.