Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with The Huntington National Bank, a banking association, Huntington Bancshares, Inc. Huntington Insurance, Inc., Huntington Investment Company, and Huntington Technology Finance, Inc. (collectively known as and hereinafter referred to as “Huntington National Bank”) equal to thirty-five percent (35%) of the amount of personal income tax withheld above the baseline on new employees to Columbus as of December 31, 2016, for a term up to six (6) consecutive years, capped annually, not to exceed $15 million for the purposes of job creation and employment opportunities for the citizens of Columbus.
P. W. Huntington formed and opened the first Huntington National Bank in downtown Columbus in 1866. Today, Huntington National Bank is an affiliate of Huntington Bancshares Inc. with $101 billion of assets, a network of 1,103 branches and 1,979 ATMs across eight Midwestern states: Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia; its 2016 acquisition of FirstMerit Corporation expands its presence into Illinois and Wisconsin. Huntington National Bank provides full-service commercial and consumer banking services, mortgage banking services, equipment leasing, investment management, trust services, brokerage services, customized insurance service program, and other financial products and services.
Huntington National Bank proposes to invest approximately $19.5 million, which includes $1.5 million in acquisition cost, to consolidate, expand and relocate its operations center from Morse Road (Northland Center) into a larger vacant commercial facility that consists of approximately 212,000 sq. ft. (the old Meijer grocery story) at 5555 Cleveland Avenue, Columbus, Ohio 43231. In addition, Huntington National Bank will also consolidate its Crosswoods facility into the proposed project site; whereas, both facilities are currently le...
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