Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Abercrombie & Fitch Management Co. (Abercrombie & Fitch) equal to thirty percent (30%) of the amount of personal income tax withheld on new employees for a term of 5 years.
Abercrombie & Fitch was founded in 1892 in New York City and for many decades was an outfitter of quality sporting and excursion goods. The company struggled financially from the late 1960s until it was purchased by The Limited in 1988 and repositioned under the management of Michael S. Jeffries, the current Chairman & CEO, as the "Casual Luxury" lifestyle brand in present day.
Headquartered in New Albany, Ohio, Abercrombie & Fitch operates 362 same brand name stores and a total of 1004 stores across four brands, located throughout the United States except Wyoming. With six stores in Canada and one international flagship store in London, the company plans to continue expansion outside the United States.
Abercrombie & Fitch is proposing to purchase a building in the Rickenbacker area to open a distribution facility and is requesting a Jobs Growth Incentive.
Emergency action is necessary in order to allow Abercrombie & Fitch to begin investing and creating jobs as quickly as possible.
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 Abercrombie & Fitch Management Co. equal to 30% of the amount of personal income tax withheld on new employees for a term of five years in consideration a proposed investment of $5.8 million and the creation of 70 permanent full-time jobs; and to declare an emergency. (AMENDED BY ORD. 0596-2008 PASSED 4/7/2008)
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 citizen...
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