Explanation
BACKGROUND: The City of Columbus (“CITY”) entered into a Jobs Growth Incentive Agreement (hereinafter “AGREEMENT”) with JPMorgan Chase Bank, National Association and JPMorgan Chase & Co., (also referred to as the “GRANTEE”) effective November 9, 2010. Columbus City Council approved the AGREEMENT by Ordinance Number 0709-2009, adopted May 18, 2009, and granted a financial incentive based on an amount equal to thirty-five percent (35%) of the withholding tax paid by the new employees at the project site, to commence on January 1, 2010 and for a period of eight (8) consecutive taxable years based on an investment of approximately $16 million in real and personal property, the retention of 10,850 full-time positions and the creation of 1,000 new permanent full-time positions at any or all of the buildings at 1111 Polaris Parkway, 3415 Vision Drive and 3401 Morse Crossing in the City of Columbus, Ohio (the “PROJECT SITE”).
The AGREEMENT was subsequently authorized to be amended for the first time to add Chase Home Finance LLC, JPMorgan Investment Management Inc., and Chase Investment Services Corp. as additional GRANTEES to the AGREEMENT as well as to expand the PROJECT SITE to include all JPMorgan Chase non-retail locations throughout the City of Columbus by Ordinance No. 2105-2011, passed December 5, 2011, with the amendment entered into effective January 1, 2010. The AGREEMENT was subsequently authorized to be amended for the second time to (1) add Chase Bankcard Services, Inc.; J.P. Morgan Securities LLC; Paymentech, LLC; JPMorgan Funds Management, Inc.; Chase Insurance Agency, Inc. and JPMorgan Treasury Tech Corp. as additional GRANTEES to the AGREEMENT and to (2) clarify the method by which new employees will be selected to replace terminated retained employees in order to maintain a level of 10,850 retained employees by Ordinance No. 2417-2016, passed October 3, 2016, with the amendment entered into effective January 24, 2017.
Following discussio...
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