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File #: 2907-2015    Version: 1
Type: Ordinance Status: Defeated
File created: 11/10/2015 In control: Development Committee
On agenda: 11/19/2018 Final action: 11/19/2018
Title: To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with Heartland Bank equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term up to five (5) consecutive years in consideration of the company’s total proposed investment of approximately $7.871 million and the creation of 16 new full-time permanent positions.
Attachments: 1. ORD2907-2015 Heartland Bank - JGI Fact Sheet, 2. ORD2907-2015 Heartland Bank - Project Site Map JGI
Explanation

BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Heartland Bank equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term up to five (5) consecutive years for the purposes of job creation and employment opportunities for the citizens of the Columbus community.

Tiney M. McComb formed Heartland BancCorp in 1988 with purchased shares of Croton Bank. Heartland Bank is a subsidiary of Heartland BancCorp, a registered Ohio bank holding company. The financial institution is a state-chartered bank, a member of the Federal Reserve and Federal Deposit Insurance Corporation. Heartland Bank offers a complete line of loan and deposit products that include: package checking accounts, savings accounts, business express, investments, retirement products, home equity loans, construction, lot and mortgage loans, Intranet banking, money market accounts, individual retirement accounts and certificates of deposit. Other personal banking services include wire transfers, money orders, safe deposit boxes and travelers checks.

Heartland Bank is proposing to invest approximately $7.871 million, which includes $7.016 million in new construction and real property improvements and $855,000 in machinery, equipment, stand-alone computers, furniture and fixtures to renovate redevelop and reuse the old vacant Port Columbus Terminal and hangar (which opened in 1929, and is listed on the National Register of Historic Places). Heartland Bank plans to relocate its corporate headquarters and operations center from the City of Gahanna to the Columbus community. The old terminal, consisting of approximately 11,222 square feet, will be renovated, redeveloped, and reused as Heartland Bank’s corporate headquarters while the hangar will be used as the company’s operations center, expanding the hangar from 41,637 square feet to approximately 50,905 square feet. In addi...

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