Chase Promises City 1,000 Jobs

NBC 4: 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 ten 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.