Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Nationwide Mutual Insurance Company (NMIC), its affiliates and subsidiaries equal to fifty percent (50%) of the amount of personal income tax withheld on new employees which will be jobs in excess of the 6,633 retained jobs and the 1,400 jobs that were located from various locations in Dublin, Ohio into the Downtown Business District for a term of ten (10) years.
Over the last 85 years, NMIC, its affiliates and subsidiaries has grown from a small mutual auto insurer owned by policyholders in 1925, to one of the largest insurance and financial services companies in the world, with more than $158 billion in statutory assets. The world headquarters of NMIC, its affiliates and subsidiaries is located at One Nationwide Plaza and various other locations within the Downtown Business District of Columbus, Ohio and owns 1,000,000, square feet of commercial office space within the district. The company offers a range of financial products and services for individuals and business clients that includes variety of life, auto and motorcycle insurance plans, home equity and mortgage loans, checking and money market accounts, as well as online financial calculators. Additionally, NMIC, its affiliates and subsidiaries provides individual retirement accounts, credit cards and annuities.
NMIC, its affiliates and subsidiaries has expanded its world headquarters by investing approximately $47.61 million in real property improvements of which approximately $40 million were used to construct a new Class A office building consisting of approximately 201,975 square feet located at 10 W. Nationwide Blvd. in the Arena District. The company consolidated its offices and relocated 1,400 employees from Dublin, Ohio to its world headquarters and various offices into the Downtown Business district, joining the 6,633 jobs which were already located downtown. In ad...
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