Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with U.S. Bank National Association equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of up to five (5) years.
Minneapolis-based U.S. Bancorp, with its $428 billion in assets as of March 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates approximately 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bank National Association has had a national charter since 1863.
U.S. Bank National Association is proposing to invest at its existing 11,456-square-foot leased office located at 8415 Pulsar Place, Suite 450 Columbus, Ohio 42340 to further support risk assessment operations. The project involves a total investment of approximately $265,000 related to leasehold improvements. U.S. Bank National Association does not intend to lease additional office space.
U.S. Bank National Association will retain 9 full-time permanent positions with an annual payroll of approximately $720,000 and create 60 new full-time permanent positions with a new annual payroll of approximately $3,700,000. The new positions primarily include finance, accounting, credit, and risk management positions.
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 U.S. Bank National Association equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of up to five (5) years in consideration of investing approximately $265,000.00 related to leasehold improvements, retaining 9 full-time permanent positions, and creating 60...
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