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File #: 2417-2016    Version: 1
Type: Ordinance Status: Passed
File created: 9/19/2016 In control: Economic Development Committee
On agenda: 10/3/2016 Final action: 10/7/2016
Title: To authorize the Director of Development to amend the Jobs Growth Incentive Agreement with JPMorgan Chase Bank, National Association; JPMorgan Chase & Co.; Chase Home Finance LLC; JPMorgan Investment Management Inc.; and Chase Investment Services Corp. to (1) add Chase Bankcard Services, Inc.; J.P. Morgan Securities LLC; Paymentech, LLC; JPMorgan Funds Management, Inc.; Chase Insurance Agency, Inc. and JPMorgan Treasury Tech Corp. as additional Grantees to the Agreement and to (2) clarify the method by which new employees will be selected to replace terminated retained employees in order to maintain a level of 10,850 retained employees; and to declare an emergency.
Explanation
BACKGROUND: The City of Columbus (“CITY”) entered into a Jobs Growth Incentive Agreement (hereinafter “AGREEMENT”) with JPMorgan Chase Bank, National Association and JPMorgan Chase & Co., (also referred to as the “GRANTEE”) effective November 9, 2010. Columbus City Council approved the AGREEMENT by Ordinance Number 0709-2009, adopted May 18, 2009, and granted a financial incentive based on an amount equal to thirty-five percent (35%) of the withholding tax paid by the new employees at the project site, to commence on January 1, 2010 and for a period of eight (8) consecutive taxable years based on an investment of approximately $16 million in real and personal property, the retention of 10,850 full-time positions and the creation of 1,000 new permanent full-time positions at any or all of the buildings at 1111 Polaris Parkway, 3415 Vision Drive and 3401 Morse Crossing in the City of Columbus, Ohio (the “PROJECT SITE”). The AGREEMENT was subsequently authorized to be amended for the first time to add Chase Home Finance LLC, JPMorgan Investment Management Inc., and Chase Investment Services Corp. as additional GRANTEES to the AGREEMENT as well as to expand the PROJECT SITE to include all JPMorgan Chase non-retail locations throughout the City of Columbus by Ordinance No. 2105-2011, passed December 5, 2011, with the amendment entered into effective January 1, 2010.

Following considerable discussion between the CITY and GRANTEE, a letter dated June 30, 2016 from the GRANTEE was received by the CITY which requested that several additional entities be added to the AGREEMENT as their inclusion was “the intent behind the original filing of the application” and that they believed “the original offer letter was to include all non-branch employees at the agreed upon project sites.”

Additionally, it was agreed upon during the aforementioned discussions to add language to the AGREEMENT to clarify the method by which new employees will be selected to replace term...

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