Explanation
BACKGROUND: The need exists to amend the Job Creation Tax Credit Agreement and the Jobs Growth Incentive Agreement with JPMorgan Chase Bank, National Association and JPMorgan Chase & Co. Ordinance 0709-2009, approved by Columbus City Council on May 18, 2009, which authorized the Director of the Department of Development to enter into a Job Creation Tax Credit (JCTC) Agreement of sixty-five percent (65%) for a period of ten (10) years and a Jobs Growth Incentive (JGI) Agreement of thirty-five percent (35%) for a period of eight (8) years with JPMorgan Chase Bank, National Association and JPMorgan Chase & Co.
The JCTC and JGI agreements were made and entered into effective November 11, 2010. An amendment is now required to add the following entities as grantees in the Agreements: Chase Home Finance LLC, JPMorgan Investment Management Inc., and Chase Investment Services Corp. Henceforth, all entities will collectively be referred to herein as "JPMorgan Chase". In addition, JPMorgan Chase will expand its proposed project sites from 1111 Polaris Parkway, 3415 Vision Drive and 3401 Morse Crossing to include all JPMorgan Chase non-retail locations throughout the City of Columbus.
This legislation is requested to be considered as an emergency in order to allow JPMorgan Chase to begin investing and creating jobs as soon as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to amend the Job Creation Tax Credit Agreement and the Jobs Growth Incentive Agreement with JPMorgan Chase Bank, National Association and JPMorgan Chase & Co. for the purposes of adding Chase Home Finance LLC, JPMorgan Investment Management Inc., and Chase Investment Services Corp., as grantees to the agreements, and to expand the project sites from 1111 Polaris Parkway, 3415 Vision Drive and 3401 Morse Crossing to include all JPMorgan Chase non-retail locations throughout the City of Co...
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