Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Telamon Corporation equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of three (3) years. The company will invest approximately $450,000 in leasehold improvements and create 34 new full-time permanent.
Telamon Corporation is proposing to expand into the City of Columbus by opening a warehouse distribution facility of 5,000 square feet to meet its increased growth and demand. The company will enter into a 5-year lease agreement on a vacant building located at 3691 Interchange Road.
Telamon Corporation, an Indianapolis-based company, provides a variety of services to the ever-changing telecommunications industry and its customers. Telamon provides turnkey materials for management services, assembly, configuration and integration engineering services for communications OEMs and service providers. Established in 1985, Telamon has grown to a $455 million company, with over 300 employees across 8 locations (6 domestic, and 2 international). Telamon Corporation is a certified Minority Business Enterprise (MBE), which is certified in every state in the United States by the National Minority Supplier Development Council.
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 Telamon Corporation equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of three (3) years in consideration of the company's proposed investment of $450,000 and the creation of 34 new permanent full-time jobs.
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
WHE...
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