Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Equity Inc. equal to twenty-five (25%) of the amount of personal income tax withheld on new employees for a term of three (3) years in consideration of Equity Inc.'s proposed investment of $612,500, the relocation/retention of 45 full-time permanent employees, which will be new to Columbus, and the creation of 17 permanent full-time jobs.
Equity Inc. is a full service commercial real estate firm specializing in real estate development, construction, real estate brokerage and property management services. The company was established in 1989 by founder and current chief executive officer Steve P. Wathen. Headquartered in Worthington, Ohio with regional offices in Cincinnati and Tampa Florida, Equity offers its clients a single source solution for all commercial real estate needs. Equity Inc. has experienced a tremendous amount of growth and is currently looking to expand/relocate its corporate headquarters to meet the demand.
Emergency action is necessary in order to allow Equity Inc. 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 Equity Inc.; and to declare an emergency. (AMENDED BY ORD. 1571-2009 PASSED 12/07/2009)
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 Equity Inc.; and
WHEREAS, Equity Inc. is proposing to enter into a 5-year lease, renovate and improve property located at 445 Hutchinson Ave, to accommodate expansion; and
WHEREAS, Equity Inc. has indicated that a Jobs Grow...
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