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TO ADOPT THE RECOMMENDATION OF THE ADVISORY BOARD FOR THE OFFICE & INDUSTRIAL INCENTIVE PROGRAM GRANTING APPROVAL FOR JP MORGAN CHASE, 800 AND 825 TECHCENTER DRIVE.
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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 3/4 of a percent of the paid 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 JP Morgan Chase for a period of five (5) years, at a rate of 50% of the paid income tax withholding from their employees;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That this Council hereby acknowledges the recommendation of the Incentive Advisory Board for JP Morgan Chase.
Section 2. That during the term of the Office & Industrial Incentive, upon the written request of JP Morgan Chase, the company shall receive a payment of 50% of the net municipal income tax collected from employees working for JP Morgan Chase, at 800 and 825 TechCenter Drive, Gahanna, Ohio 43230, in the City of Gahanna for five (5) years.
Section 3. That the first year JP Morgan Chase will be eligible for the incentive will be 2012.
Section 4. That the incentive shall coincide with any job creation tax credit program awarded by the Ohio Department of Development.
Section 5. Prior to the end of the incentive period and for a period afterwards equal to the length of the incentive, if JP Morgan Chase relinquishes its site and therefore is no longer located in Gahanna, then the City shall require the Company to repay 200% of all the incentive payments received from the City of Gahanna.
Section 6. That the incentive shall be in effect for a period of five (5) years, not to exceed 20 consecutive quarters, provided that all federal, state and 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, JP Morgan Chase forgoes the incentive for that year.
Section 7. That JP Morgan Chase shall request reimbursement from the City by June of the second year and each year thereafter the incentive is in effect for the period of the approved term.
Section 8. That if JP Morgan Chase declares bankruptcy, then the debt owed to the City per the conditions to the agreement outlined in the adopted Office and Industrial Incentive Guidelines shall be the obligation of any successor lessee and notice of said debt shall be placed as an addendum to the lease.
Section 9. That JP Morgan Chase shall complete an annual incentive report provided by the Department of Development for each effective year.
Section 10. That the Advisory Board of the Office and Industrial Incentive Program reserves the right to terminate or revoke the incentive with thirty (30) days written notice to JP Morgan Chase if the company fails to comply with the guidelines of the program.
Section 11. That the Office & Industrial Incentive Agreement completed by JP Morgan Chase is attached to this ordinance as EXHIBIT A and made a part hereof.
Section 12. That this ordinance shall be in full force and effect after passage by this Council and 30 days after date of signature approval by the Mayor.