Explanation
BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (hereinafter "Agreement") with The Huntington National Bank (also referred to as the "Grantee") effective November 2, 2010. Columbus City Council approved the Agreement by Ordinance 0906-2010, adopted June 28, 2010, and granted a financial incentive based on an amount equal to thirty-five percent (35%) of the new Columbus withholding tax paid at the project site, to commence on January 1, 2011 for a period of seven (7) consecutive taxable years based on an investment of approximately $7 million in leasehold improvements and personal property, the retention of 3,555 full-time positions in the City of Columbus and the creation of 500 new permanent full-time positions at 41 South High Street and other various locations throughout the City of Columbus, excluding the facility located at 2361 Morse Road.
The need exists to amend the Agreement to add Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement.
This legislation is requested to be considered as an emergency in order to allow the City to take steps to make the Jobs Growth Incentive Payment for Report Year 2011 to The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC prior to the end of calendar year 2012 and for the balance of the consecutive tax years remaining on the Agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Jobs Growth Incentive Agreement with The Huntington National Bank for the purpose of adding Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement; and to declare an emergency.
Body
WHEREAS, Columbus City Council approved a Jobs Growth Incentive Agreement (the "Agreement") with The Huntington National Bank (also referred to as the "Grantee") by Ordinance 0906-2010 on June 28, 2010; and
WHEREAS, the Agreement granted a financial incentive based on an amount equal to thirty-five percent (35%) of the new Columbus withholding tax paid at the project site, to commence on January 1, 2011 for a period of seven (7) consecutive taxable years; and
WHEREAS, in the Agreement, Grantee committed to making an investment of approximately $7 million in leasehold improvements and personal property, retaining 3,555 full-time positions in the City of Columbus and creating 500 new permanent full-time positions at 41 South High Street and other various locations throughout the City of Columbus, excluding the facility located at 2361 Morse Road; and
WHEREAS, an amendment is needed to add Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to seek an amendment to the Jobs Growth Incentive Agreement with The Huntington National Bank for the purpose of including Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement; thereby preserving the public health, peace, property and safety; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of Development is hereby authorized to amend the Jobs Growth Incentive Agreement with The Huntington National Bank to add Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement.
Section 2. That the amendment to the City of Columbus Jobs Growth Incentive Agreement be signed by The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC within ninety (90) days of passage of this ordinance, or this ordinance and the incentive authorized herein shall be null and void.
Section 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, the ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after the passage if the Mayor neither approves nor vetoes the same.