Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Progressive Casualty Insurance Company, equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of 5 years, in consideration of Progressive Casualty Insurance Company's proposed investment of $4.7 million and the relocation of 75 full-time permanent positions which will be new to Columbus.
Progressive Casualty Insurance Company began in 1937 with the first drive-in claims office and became the first to introduce reduced rates for low-risk drivers. After several years Progressive Casualty Insurance Company then changed the insurance shopping experience by offering comparison rates on the Web. Progressive Casualty Insurance Company, is now one of the nation's largest auto insurance groups, and is the largest writer of private passenger auto insurance through independent agents in the country.
Progressive Casualty Insurance Company is requesting a Jobs Growth Incentive.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Progressive Casualty Insurance Company to pay annually an amount equal to twenty-five percent (25%) of the personal income tax withheld on new employees for a term of 5 years, in consideration of a proposed investment of $4.7 million and the creation of 75 permanent full-time jobs which will be new to Columbus.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, the Department of Development has received a completed Jobs Growth Incentive application from Progressive Casualty Insurance Company; and
WHEREAS, the Progressive Casualty Insurance Company is proposing to invest $4.7 million to a...
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