Title
TO REAPPROVE AND ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE AND INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR JPMORGAN CHASE BANK, NATIONAL ASSOCIATION AND ITS AFFILIATES, AT TECHCENTER DRIVE; AND TO DECLARE AN EMERGENCY
Version
ils
Body
WHEREAS, the Department of Development created the City of Gahanna Office & Industrial Incentive Program Guidelines, which are a statement of policy designed to increase employment opportunities and encourage the establishment of new jobs; and
WHEREAS, the incentive is a yearly payment to the employer based on up to 50% percent of the income tax withholding from new job creation for a period of between one and five years; and
WHEREAS, Council has adopted the City of Gahanna Office & Industrial Incentive Program guidelines by ORD-0212-2002 and amended the guidelines by the adoption of ORD-0064-2011; and
WHEREAS, the Incentive Advisory Board met on Thursday, April 21, 2011, to review the application to grant incentives to JPMorgan Chase Bank, National Association and its affiliates for a period up to five (5) years, at a rate of 50% of the income tax withholding from their employees; and
WHEREAS, ORD-0089-2011 was passed on May 16, 2011 granting this Office & Industrial Incentive Program but needs to be adopted for clarifications in the language of the ordinance; and
WHEREAS, the clarifications in the ordinance language to correspond with the approved agreement need to be completed as soon possible, and all for the preservation of the public peace, property, health, safety and welfare;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That this Council reauthorizes the recommendation of the Incentive Advisory Board for JPMorgan Chase Bank, National Association and its affiliates (JPMorgan Chase) originally approved by ORD-0089-2011.
Section 2. That during the term of the Office & Industrial Incentive, upon the written request of JPMorgan Chase, the company shall receive a payment of 50% of the net municipal income tax collected from employees working for JPMorgan Chase at Techcenter Drive, Gahanna, Ohio 43230.
Section 3. JPMorgan Chase agrees to remain at the project location in Gahanna for one additional year after the last refundable credit is claimed by JPMorgan Chase and provided under this Incentive Agreement, and failure to do so may result in JPMorgan Chase repaying any funds received.
Section 4. That the incentive shall be in effect for a period up to five (5) years, not to exceed 20 consecutive quarters, provided that all local taxes are paid in full at the time of each requested reimbursement. If the taxes are not paid in full for the subject reimbursement year, JPMorgan Chase forgoes the incentive for that year.
Section 5. That JPMorgan Chase shall request reimbursement from the City each year the incentive is in effect for the period of the approved term.
Section 6. That JPMorgan Chase shall complete an annual incentive report provided by the Department of Development for each effective year.
Section 7. That the Office & Industrial Incentive Agreement completed by JPMorgan Chase is attached to this ordinance as EXHIBIT A and made a part hereof.
Section 8. That, for the reasons set forth in the preamble hereinabove, this ordinance is declared emergency legislation and shall be in full force and effect upon passage by this Council and on date of signature approval by the Mayor.