Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with NetJets, 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, for a term of up to five (5) consecutive years.
After more than 55 years, NetJets Inc. (“NetJets”), backed by Berkshire Hathaway, continues to be the global leader in private aviation. Due to recent, fast growth, NetJets is considering locations for a headquarters consolidation and relocation. NetJets is the world's largest private jet company, offering fractional aircraft ownership, private jet leases, and private jet card programs. The company is seeking cost-effective locations to support long-term growth and talent retention and recruitment, and is considering both Chicago and Columbus.
NetJets is proposing to expand its operations at 4111 Bridgeway Park, Columbus, Ohio 43219, parcel number 010-290126 (“Project Site”). NetJets will create 154 net new full-time permanent positions with a cumulative estimated annual payroll of approximately $12,735,000 and retain 1,516 existing full-time permanent positions with an approximate annual payroll of $126,231,635 to support its growth.
NetJets 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.
FISCAL IMPACT: No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with NetJets Inc. for a term of up to five (5) consecutive years in consideration of the company’s creation of 154 net new full-time permanent positions ...
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