Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Wells Fargo Bank, N.A. in an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, both for a term up to five (5) consecutive years.
Henry Wells and William G. Fargo and other investors founded Wells Fargo Bank, N.A. (“Wells Fargo”) on March 18, 1852. Headquartered in San Francisco, California, the company built an innovative start-up to help customers build businesses and manage money in a rapidly changing world, and to handle the banking and express business prompted by the California Gold Rush. The two partners used their hands-on experience making deliveries of money and valuables by steamboat and stagecoach to develop a network of offices from California to New York and around the world. Across time, and in every generation, Wells Fargo has continued helping customers go further by providing innovative financial services to help them get ahead. Through expansion and acquisitions, Wells Fargo has since grown into one of the nation’s leading financial services companies providing banking, insurance, trust and investments, mortgage banking, investment banking, retail banking, brokerage services and consumer and commercial finance.
Wells Fargo is proposing to invest a total project cost of approximately $3,250,000.00, which includes $1,250,000.00 in machinery and equipment, and $2,000,000.00 in furniture and fixtures to establish a new Technology Center. With this investment, the company proposes to enter into a lease agreement on a vacant commercial office facility consisting of approximately 67,816 square feet at 3075 Loyalty Circle, Columbus, Ohio 4321...
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