Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Northwest Bank 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, for a term of up to five (5) consecutive years.
Founded in 1896 and headquartered in Warren, Pennsylvania, Northwest Bank is a full service financial institution offering a complete line of business and personal banking products, employee benefits, and wealth management services, as well as fulfillment of business and personal insurance needs. Northwest operates 172 full-service community banking offices in Pennsylvania, New York, and Northeast Ohio but has been expanding further into the Midwest. The proposed Columbus site will be dedicated to mortgage loan production in the Columbus area which will be a new market for the company.
Northwest Bank is proposing to invest approximately $20,000 in technology and $100,000 in furniture and fixtures to expand operations at 1 Easton Oval, Suite 415, Columbus, Ohio 43219, parcel number 520-250980. Additionally, Northwest Bank will create 50 new full-time permanent positions with a cumulative estimated annual payroll of approximately $3,192,317 to support its growth and retain 23 full-time permanent positions with a cumulative annual payroll of $1,505,048. Northwest Bank is requesting a dual-rate Jobs Growth Incentive from the City of Columbus to assist with this expansion project. This legislation is presented as 30 day legislation.
Title
To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Northwest Bank for a term of up to five (5) consecutive years in consideration of th...
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