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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR NETJETS SERVICES, INC.; AND TO DECLARE AN EMERGENCY.
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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, September 22, 2008 to review the application to grant incentives to NetJets Services, Inc., for a period of four (4) years, at a rate of .25% of the paid income tax withholding from their employees;
WHEREAS, it is imperative to move forward so that the incentive program can be in place as soon as possible, and all for the preservation of the public peace, health, safety and welfare;
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 NetJets Services, Inc.
Section 2. That NetJets Services, Inc., is approved for a payment of .25% of the net collected income tax for four (4) years.
Section 3. That the incentive shall begin the first full year of occupancy after January 1, 2009.
Section 4. 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, NetJets Services, Inc., forgoes the incentive for that year.
Section 5. That NetJets Services, 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 6. That if NetJets Services, 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 7. That NetJets Services, Inc., shall complete an annual incentive report provided by the Department of Development for each effective year.
Section 8. 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 NetJets Services, Inc., if the company fails to comply with the guidelines of the program.
Section 9. That the Incentive Application Form completed by NetJets Services, Inc., and the Department of Development Informational Memorandum are attached to this ordinance as EXHIBIT A and made a part hereof.
Section 10. That, for the reasons set forth in the preamble herein above, this ordinance is declared emergency legislation and shall be in full force and effect immediately upon passage by this Council and on date of signature approval by the Mayor.