More Than 13,000 Jobs Produced by Active Economic Development Deals
MEDIA RELEASE
For Immediate Release
July 25, 2013
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More Information:
John Ivanic, (614) 645-6798
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More Than 13,000 Jobs Produced by Active Economic
Development Deals
Almost $1 Billion in Private Investment Created by 37
Agreements Since 2007
As a result of City of Columbus jobs growth and Downtown
office incentive programs, 13,365 jobs have come online since 2008. These jobs
have been created through 37 economic development agreements of which employers
have met the requirements. In addition, these deals have leveraged $992,743,725
in private investment and $871,349,730 in new employee payroll.
“We are proud that our jobs growth policies are resulting in
new employment opportunities for our residents,” Mayor Michael B. Coleman said.
“Along with our high quality of life, these economic development tools have
made Columbus one of the best cities for jobs in the nation.”
City Council this week approved legislation to pay
$5,499,072 to 24 companies in accordance with the city’s Jobs Growth Incentive
Program. Through this program, the city annually returns to the company a
payment of a portion—typically 25 percent, though one is as high as 50 percent—
of the city income taxes collected on the new jobs that are created by the
company for a defined number of years. Companies only receive the payment if
they have created jobs.
As a result of the program, these 24 companies have:
- Made $988,836,725 in private investments to their property,
facilities, and equipment purchases
- Created 12,670 jobs
- Added $826,265,903 in new payroll
Council also voted to pay $875,585.65 to the 13 companies in
accordance with the Downtown Office Incentive Program. Through this program,
the city annually returns to the company 50 percent of the city income taxes
collected on the new jobs that are created by the company for a defined number
of years. There are 13 active Downtown Office Incentive Program Agreements with
companies that have met the requirements of their agreements and are eligible
to receive their payments for 2012. As a result of the program, these 13
companies have:
- Made $3,907,000 in private investments to their property,
facilities, and equipment purchases
- Created 695 jobs
- Added $45,083,827 in new payroll
“Our job creation incentives ensure responsible growth since
the agreements that the city enters into with companies are performance based,”
said Councilmember Zach M. Klein, chair of the Development Committee. “The
savings for the companies are only realized when jobs and real economic
development are created in the City of Columbus.”
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