Explanation
BACKGROUND: The need exists to enter into an Enterprise Zone 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”). The Ohio Enterprise Zone law O.R.C. Section 5709.62(C) requires the City to enter into a Council-approved agreement between the City and participating companies.
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 into a larger vacant commercial facility (the old Meijer grocery story) at 5555 Cleveland Avenue, Columbus, Ohio 43231, parcel number 010-143750. In addition, Huntington National Bank will also consolidate its Crosswoods facility into the proposed project site; whereas, both facilities are currently leased with both lease terms set to expire simultaneously. Huntington National Bank will create 1,000 new full-time permanent positions with an estimated new annual payroll of approximately $60 million (an average annual salary of $60,000), exclusive of be...
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