Explanation
BACKGROUND: To authorize the Director of the Department of Development to apply for and accept a grant from the Roadwork Development (629) Account of the Ohio Development Services Agency (ODSA) valued at $500,000 for costs associated with the completion of public roadwork improvements in support of the expansion of Morgan Stanley & Co. LLC (“Morgan Stanley”) operations. At the end of the grant period, any repayment of unencumbered balances required by the grantor is hereby authorized and any unused City match monies may be transferred back to the City fund from which they originated in accordance with all applicable grant requirements.
Morgan Stanley is proposing to expand their operations at 4343 Easton Commons Columbus, Ohio 43219, a site where the company already has existing operations which occupy approximately 71,722 square feet, in support of its Wealth Management business. As part of this expansion, Morgan Stanley will lease and build-out 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.
The roadwork investment is critical to improve traffic flow at the Easton Way & Stelzer Road intersection by creating an additional right turn lane for northbound (NB) lanes along Stelzer Road to turn east onto Easton Way towards I-270 northbound (NB) and southbound (SB) entrance ramps. This improvement to the existing roadway network will aid in supporting the expansion of operations of Morgan Stanley and other growing employers in the area south of Easton Way, such as Alliance Data Systems Corporation and Abbott Laboratories, all of which have hundreds of employ...
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