Explanation
BACKGROUND: The Columbus Department of Development is proposing a Downtown Office Incentive Agreement with Northwest Bank.
Founded in 1896, and headquartered in Warren, Pennsylvania, Northwest Bank (“Northwest”) 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 commercial loan production in the Columbus area which will be a new market for the company.
Northwest is proposing to invest a total project cost of approximately $50,000, which includes $15,000 in technology and $35,000 in furniture and fixtures to renovate an approximately 3,183 square-foot office space at 401 N. Front St., Columbus, Ohio 43215, parcel number 010-250648 (“Project Site”), to accommodate its increased sales growth and to meet its consumer demands. The company will create 10 net new full-time permanent positions with an annual payroll of $1,385,000 and retain 1 full-time permanent position with an annual payroll of $310,000 at the Project Site.
Northwest Bank is requesting a Downtown Office Incentive for a period of up to 50%/5-year from the City of Columbus to assist in the location of a corporate office.
This legislation is presented as 30-day legislation.
FISCAL IMPACT:
No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into a Downtown Office Incentive Agreement with Northwest Bank.
Body
WHEREAS, Resolution 0088X-2007, adopted June 4, 2007, authorized the Department of Development to establish the Columbus Downtown Office Incentive Program as amended; and
WHEREAS, the Department of Development has received a completed appl...
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