Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Total System Services, Inc. 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 up to five (5) consecutive years.
Total System Services, Inc. (“TSYS”), a publically traded corporation on the New York Stock Exchange, provides payment processing and other services to card-issuing and merchant acquiring institutions in the Unites States and internationally. TSYS has roots dating back to 1888 and supports financial institutions, businesses, governments, and customers with payment tools for credit, debit, prepaid, mobile, chip, healthcare, and merchant acceptance.
TSYS is proposing to establish a credit card production facility with operational capacity to produce 67 million credit cards at 1500 Boltonfield Street Columbus, Ohio 43228, a site where the company is expected to enter into a 10-year lease to assume approximately 200,000 square feet. The establishment of operations in Columbus would be TSYS’s first operations site in the State of Ohio. The project involves a total investment of approximately $24,500,000 related to building improvements and the acquisition of machinery/equipment and information technology equipment.
TSYS anticipates creating 140 new full-time permanent positions with a new annual payroll of approximately $5,046,745 within the next three years.
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 Total System Services, Inc. for a term of up to five (5) consecutive years in consideration of investing an...
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