Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Morgan Stanley & Co. LLC in an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, both for a term of six (6) consecutive years.
Morgan Stanley & Co. LLC (“Morgan Stanley”) is a global financial services firm that, through its subsidiaries and affiliates, advises, originates trades, manages, and distributes capital for governments, institutions, and individuals.
Morgan Stanley is proposing to expand the decentralized functional teams at 4343 Easton Commons Columbus, Ohio 43219, a site where the company already has existing operations which occupy approximately 71,722 square feet. As part of this expansion, Morgan Stanley will lease and buildout an additional 13,581 square feet. The project involves a total investment of approximately $1,500,000 related to the acquisition of furniture/fixtures and leasehold improvements.
Morgan Stanley anticipates retaining 426 full-time permanent positions with an annual payroll of approximately $17,900,000 and creating 300 new full-time permanent positions in support of this project with an associated new annual payroll of approximately $13,500,000.
FISCAL IMPACT: No funding is required for this legislation
Title
To authorize the Director of Development to enter into a dual-rate Jobs Growth Incentive with Morgan Stanley & Co. LLC for a term of six (6) consecutive years in consideration of investing an estimated $1,500,000.00, retaining 426 full-time permanent positions, and creating 300 new full-time permanent positions.
Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation o...
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