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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR NETPARK LLC, 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 Friday, October 21, 2011, to review the application to grant incentives to NetPark, for a period of four (4) years,with a tiered rebate percentage, minimum of 25% and maximum of 50% 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 NetPark LLC.
Section 2. That during the term of the Office & Industrial Incentive, upon the written request of NetPark LLC the company shall receive a payment of a minimum of 25% up to a maximum of 50% of the company's net municipal income tax in the City of Gahanna for four (4) years as outlined in the agreement.
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 NetPark LLC...
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