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
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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 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...
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