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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR SIEMENS AIRFIELD SOLUTIONS, 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 in areas outside of the Community Reinvestment Area Program as well as to stabilize and strengthen the Industrial Zone business base; 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 Tuesday, October 10, 2006 to review the applicant to grant incentives to Siemens Airfield Solutions, Inc. for a time period of three (3) years, not to exceed 12 consecutive quarters at a rate of .375% 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 Siemens Airfield Solutions, Inc.
Section 2. That Siemens Airfield Solutions, Inc., is approved for a payment of .375% of the net collected income tax for three (3) years.
Section 3. That the incentive shall begin the first full year of occupancy with the occupancy date determined by issuance of a certificate of occupancy by the Building Department.
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 Siemens Airfield Solutions, 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 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, Siemens Airfield Solutions, Inc. forgoes the incentive for that year.
Section 7. That Siemens Airfield Solutions, 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 Siemens Airfield Solutions, 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 Siemens Airfield Solutions, 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 Siemens Airfield Solutions, Inc., if the company fails to comply with the guidelines of the program.
Section 11. That the Incentive Application Form completed by Siemens Airfield Solutions, 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 upon passage by Council and 30 days after signature approval by the Mayor.