Explanation
BACKGROUND: The need exists to amend Ordinance 0080-2011. This ordinance was approved by Columbus City Council on January 31, 2011. The ordinance authorized the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of sixty-five percent (65%) for a period of six (6) years and a Jobs Growth Incentive of twenty-five percent (25%) for a period of five (5) years with Citi Fund Services Ohio, Inc. An amendment is now required to add the following affiliates of Citi Fund Services Ohio, Inc. as grantees to the Agreements: Citicorp North America, Citigroup Technology and Citigroup Management Corp. Henceforth, all four entities will collectively be referred to herein as "Citi".
Citi Fund Services Ohio, Inc. is a privately-owned company that was incorporated in 1988 and based in Columbus, Ohio. Citi offers fund services, which include administration and accounting, transfer agency and shareholder services, compliance and regulatory support, and marketing and distribution solutions. The company, using its fund services platform, supports separately managed accounts, college savings plans, registered hedge funds, and variable annuity and variable life insurance products. It operates offshore platforms located in Dublin, London, Luxembourg, and Guernsey. Citi Fund was formerly known as BISYS Fund Services Ohio, Inc. and changed its name to Citi Fund Services Ohio, Inc. in August 2007. Citi operates as a subsidiary of Citi Investor Services, Inc.
The project, located in the City of Columbus, includes the improvement of their leased facility for the support and administration of new and current business. The company is proposing to expand its current facility by adding new lines of business from other Citi Fund locations. Citi will make a fixed-asset investment of at least $2.8 million including, $2.25 million in new machinery and equipment and $610,000 in renovation and leasehold improvements, and create 300 new pe...
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