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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 Mo...
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