The Tax Incentive Review Council made recommendations to the council committee on the performance of businesses receiving tax incentives. The Columbus City Council will review those recommendations in the coming weeks.
Columbus' economic development administrator Bill Webster called the city's tax incentive program a shining star. Webster said 5,450 jobs were created from the 78 businesses receiving tax abatements. But there were some companies struggling to meet their job creation requirements. TIRC recommended 13 amendments to the council committee. The amendments included reducing abatement percentages, reducing job creation numbers and one dissolved contract. But this did not seem to discourage Councilwoman Mary Jo Hudson who said she's pleased with the businesses performance.
"We've done some great work of balancing the few companies that we do have that are struggling. But looking at the overall package we have just about all of our companies are on target or ahead of their goals," Hudson said.
Webster said, while jobs created exceeded its goal, jobs retained was 7 percent less than expected. Of the 78 tax incentive agreements this year, 58 continued, eight expired, eight were modified and two are pending. Only one agreement was dissolved. The Columbus City Council will review the TIRC recommendations in the next couple of weeks.