Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with International Business Machines Corporation equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of five (5) years. The company will invest approximately $3.2 million to expand square footage and acquire new machinery, equipment, furniture and fixtures at its existing facility at 4600 Lakehurst Court, and to create 500 new full-time permanent positions and retain 671 existing employees.
International Business Machines Corporation was founded in 1911 through the merger of three separate companies and is a multinational consulting and technology corporation headquartered in New York. International Business Machines Corporation manufactures and markets computer hardware and software, along with offering consulting, hosting and infrastructure services. The company does business in 180 countries and has 12 research laboratories worldwide.
The project involves the creation of a worldwide business analytics and software development center. The Center for Advanced Analytics will operate in 30,000 square feet of additional leased space within the company’s current site at 4600 Lakehurst Court. A total investment of $3.2 million will be made for building improvements, machinery, equipment, furniture and fixtures. International Business Machines Corporation will create 500 new full-time permanent positions and retain 671 employees.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with International Business Machines Corporation equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company’s proposed investment of $3.2 million, the creation of 500 new full-time permanent p...
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