Explanation
BACKGROUND: The City of Columbus entered into a Jobs Growth Incentive Agreement (hereinafter "Agreement") with The Huntington National Bank (also referred to as the "Grantee") effective November 2, 2010. Columbus City Council approved the Agreement by Ordinance 0906-2010, adopted June 28, 2010, and granted a financial incentive based on an amount equal to thirty-five percent (35%) of the new Columbus withholding tax paid at the project site, to commence on January 1, 2011 for a period of seven (7) consecutive taxable years based on an investment of approximately $7 million in leasehold improvements and personal property, the retention of 3,555 full-time positions in the City of Columbus and the creation of 500 new permanent full-time positions at 41 South High Street and other various locations throughout the City of Columbus, excluding the facility located at 2361 Morse Road.
The need exists to amend the Agreement to add Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC as additional Grantees to the Agreement.
This legislation is requested to be considered as an emergency in order to allow the City to take steps to make the Jobs Growth Incentive Payment for Report Year 2011 to The Huntington National Bank, Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Huntington Kentucky, LLC and Leasenet Group, LLC prior to the end of calendar year 2012 and for the balance of the consecutive tax years remaining on the Agreement.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to amend the Jobs Growth Incentive Agreement with The Huntington National Bank for the purpose of adding Huntington Bancshares, Inc., Huntington Asset Services, Inc., Huntington Insurance, Inc., Huntington Investment Company, Hunti...
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