Columbus Strikes 1,000-Job Deal With Chase
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Columbus City Council announces a deal with JP Morgan Chase to bring 1,000 new jobs into Central Ohio by the end of the year.
COLUMBUS, Ohio —Bringing in new jobs isn’t the easiest of tasks in the midst of an unstable economy.
But that’s exactly what happened as Columbus City Council approved legislation with JP Morgan Chase Monday to bring 1,000 new jobs into Central Ohio by the end of the year and retain another 10,000 positions.
“It’s a good day in Columbus,“ says Councilmember Andrew Ginther. “We’ve been working with the mayor’s office to make sure we’re putting the most competitive, aggressive package to Chase for their consideration.“
The city is expected to bring in $4.5 million in additional income tax from the new jobs over eight years. The deal was settled when council offered Chase a Jobs Growth Incentive of 35 percent for eight years and a Job Creation Tax credit of 65 percent for 10 years.
The acquisition of the new jobs is the first step of the city’s three-point plan to go from a $16-million shortfall to getting back in the black.
Mayor Michael Coleman said the first point is that the city has to be aggressive about finding jobs and opportunities locally.
Second is the reformation of government, meaning making government more efficient—like making city workers pay more in their health insurance.
The third point is the passage of the .5-percent income tax proposal in August.
The city said the three steps will be able to sustain essential city services, keep neighborhoods safe and maintain the quality of life that makes Columbus attractive to companies like Chase.
Ginther also said the city is courting other corporations to expand business in Columbus, adding that it’s all part of the city’s short- and long-term plans.
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Reader Reactions
I am in total agreement with get-real. I am an ex Chase/BankOne employee who still have a friends that haven’t gotten their pink slips yet. It seems like they layoff about 200 from Columbus each quarter. A lot of the employees feel like they are working to “outsource” themselves.
So they get a tax break for the promise of hiring 1000 people while they laid off double that amount in the last two years and Coleman wants a “pat on the back” for that?
Does he think the people of Columbus are that stupid?
Sorry about previous comment. Computer froze up before I had a chance to proof read.
get_real
I am in total agreement with you. I am an ex Chase/BankOne employee who still have a few friends that haven’t gotten their pink slips yet. It seems like they layoff about 200 from a different line of business each quarter. A lot of the employees feel like they are working to “outsource” themselves.
So they get a tax break for hiring 1000 people while they lay off double that amget_real I am in total agreement with you. I am an ex Chase/BankOne employee who still have a few friends that haven’t gotten their pink slips yet. It seems like they layoff about 200 from a different line of business each quarter. A lot of the employees feel like they are working to “outsource” themselves.
So they get a tax break for hiring 1000 people while they lay off double that amount in the last two years and Coleman wants a “pat on the back” for that?
Does he think the people of Columbus are that stupid?
ount in the last two years and Coleman wants a “pat on the back” for that?
There’s a lot about this story that doesn’t make sense to me. What does this mean: “council offered Chase a Jobs Growth Incentive of 35 percent for eight years and a Job Creation Tax credit of 65 percent for 10 years.“ The “Jobs Growth Incentive of 35 percent” means 35 percent of what exactly? I’m tempted to read this as Chase pays no taxes whatsoever, for the agreement of hiring 1,000 new employees and not firing a whole bunch more, but that sounds a little silly. Could someone please explain this to me?
Columbus is ‘on point’
Kudos.
I’m wondering
Will these 1000 jobs be for the people that Chase JUST LAID OFF a few months ago that they COULD NO LONGER AFFORD here in Columbus?
and the city is giving a TAX BREAK to them and turning around and asking US FOR A TAX INCREASE! and spending roughly 543,000.00 to do it! when will the city and Country understand that people are sick of the Double talk! do they think were stupid
“make them scared and they will do what ever we want”
I DON’T THINK SO!
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