Title
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 ...
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