Explanation
BACKGROUND: The Department of Development is proposing to enter into a 65%/10 year Job Creation Tax Credit Agreement and a 35%/8 year Jobs Growth Incentive Agreement with JPMorgan Chase Bank, National Association, and JPMorgan Chase &
Co. ("JPMorgan Chase") in consideration of their proposed investment of approximately $16 million in real and personal property at its current Columbus facility. The project will allow JPMorgan Chase to retain 10,427 full-time positions, create approximately 1,000 new permanent full-time jobs with an annual payroll of $40 million and increase job opportunities and strengthen the economy of Columbus.
The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such City agreements became effective January 14, 1993, and requires the City to enter a Council-approved agreement between the City and a participating company.
JPMorgan Chase is one of the oldest financial institutions in the world. Headquartered in New York City, JPMorgan Chase operates in six segments, investment banking, commercial banking, treasury & security services, asset management, retail financial services and card services.
JP Morgan Chase is one of the "Big Four Banks" of the United States with Bank of America, Citigroup and Wells Fargo. It is a leader in financial services with $2.3 trillion in assets. JPMorgan Chase has 5,410 branches in 23 states, third behind Wells Fargo and Bank of America.
JPMorgan Chase is proposing to expand its operations at the 1111 Polaris Parkway facility by adding 1,000 new jobs. JPMorgan Chase is also considering the company's Texas, Michigan, New York and Louisiana locations for this expansion.
Emergency action is requested in order to allow JPMorgan Chase to begin investing and creating jobs as quickly as possible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Job Creation Tax Credit Agreement and a Jobs G...
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