Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit and a Jobs Growth Incentive Agreement with Citi Fund Services Ohio, Inc. (Citi Fund). The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to execute a Council-approved agreement between the City and a participating company.
Citi Fund Services Ohio, Inc. is a privately-owned company that was incorporated in 1988 and based in Columbus, Ohio. The company 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 Fund operates as a subsidiary of Citi Investor Services, Inc.
The company is proposing to expand its current facility by adding new lines of business from other Citi Fund locations by investing approximately $2.8 million to renovate and expand its corporate facility located at 3435 Stelzer Road Columbus, Ohio. The company will retain 715 full-time permanent employees and create 300 new full-time permanent positions.
The State has approved a Jobs Creation Tax Credit of 60% for 7 years for Citi Fund.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Job Creation Tax Credit Agreement of 65% for a period of six years and a Jobs Growth Incentive Agreement of 25% for a period of five years with Citi Fund Services Ohio, Inc. in consideration of the com...
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