Explanation
Background: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with JD Equipment, Inc. equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years in consideration of JD Equipment, Inc.'s proposed investment of $3.8 million, the relocation/retention of 17 full-time permanent employees, which will be new to Columbus and the creation of 23 permanent full-time jobs.
JD Equipment, Inc. (JD Equipment) is a full service dealership dealing mainly in large farm equipment. The company was founded in 1982 in Plain City, Ohio, and is currently located in London, Ohio with 7 locations throughout Ohio and Michigan.
In 2005, JD Equipment entered into the power generation field providing and servicing industrial, agricultural and residential applications. Experiencing a 30% annual growth, JD Equipment's customers for the power generator market include Honda, Huntington Bank, London Correctional Facility, the City of Mansfield, as well as the City of Columbus.
JD Equipment is proposing to relocate from London, Ohio, and expand its administrative offices by purchasing and renovating through its real estate arm, a building and adjacent land at Wilson Rd. and I-70 to house its administrative offices, storage for its growing Power Systems and Construction Products Divisions.
JD Equipment International is requesting a Jobs Growth Incentive to assist in the relocation of its branch operation.
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 JD Equipment, Inc., equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years; and to declare an emergency.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in t...
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