Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Huntington National Bank (HNB) equal to thirty-five percent (35%) of the amount of personal income tax withheld on new employees for a term of seven (7) years. The company will invest approximately $7 million in leasehold improvements and personal property and create 500 new full-time permanent positions.
P. W. Huntington formed and opened the first Huntington National Bank in downtown Columbus in 1866. Today, HNB is an affiliate of Huntington Bancshares Inc., which is a $53 billion Midwest bank holding company. HNB provides retail and commercial financial services in more than 600 branches in Ohio, Kentucky, Michigan, Indiana, Pennsylvania, and West Virginia. HNB provides full-service commercial and consumer banking services, mortgage banking services, equipment leasing, investment management, trust services, brokerage services, customized insurance service program, and other financial products and services
HNB is proposing to expand its workforce at its corporate headquarters at 41 S. High Street and other locations throughout the City of Columbus. HNB will enter into a 20-year lease agreement and invest approximately $7 million in leasehold improvements and personal property as well as create 500 new full-time permanent positions.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Huntington National Bank equal to thirty-five percent (35%) of the amount of new income tax withheld on employees for a term of seven (7) years in consideration of the company's proposed investment of $7 million and the creation of 500 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 ec...
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