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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR CENTRAL OHIO UROLOGY GROUP, INC. FOR A PERIOD OF FOUR YEARS.
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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 amended the guidelines by the adoption of ORD-0064-2011; and
WHEREAS, the Incentive Advisory Board met on Wednesday, August 31, 2011 to review the application to grant incentives to Central Ohio Urology Group, for a period of four (4) years, at a rate of 25% of the company's net municipal income tax liability;
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 Central Ohio Urology Group, Inc.
Section 2. That during the term of the Office & Industrial Incentive, upon the written request of Central Ohio Urology Group, Inc., the company shall receive a payment of 25% of the company's net municipal income tax in the City of Gahanna for four (4) years.
Section 3. That the incentive shall begin the first full year of occupancy after January 1, 2012.
Section 4. That the incentive shall coincide with any job creation tax credit program awarded by the Ohio Department of Development.
Section 5. Prior to the end of the incentive period and for a period afterwards twice the length of the incentive, if Central Ohio Urology Group, 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 four (4) years, not to exceed 16 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, Central Ohio Urology Group, Inc., forgoes the incentive for that year.
Section 7. That Central Ohio Urology Group, 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 Central Ohio Urology Group, 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 Central Ohio Urology Group, 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 Central Ohio Urology Group, Inc., if the company fails to comply with the guidelines of the program.
Section 11. That the Office & Industrial Incentive Agreement completed by Central Ohio Urology Group, Inc., is 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 this Council and 30 days after date of signature approval by the Mayor.