Supporting the successful economic development work of Franklin County Commissioners, an annual review of the tax incentive programs offered by the County to help local businesses grow reveals that the number of new jobs created by these efforts has nearly tripled expectations
For the eight companies that are currently receiving County tax incentives, 858 new jobs have been created - far beyond the 298 originally expected - and 1,421 good-paying jobs have been retained.
Just as significant, these companies have more than doubled projections on new payroll, with nearly $37 million in new wages and salaries.
Each year, Franklin County’s Tax Incentive Review Council (TIRC) assesses the growth of all local companies that are receiving exemptions from the County on property taxation under Enterprise Zone, Community Reinvestment Area, and Tax Increment Finance programs. These exemptions are often tied to a company’s pledge to keep and grow its workforce and local investment.
Coordinated by the County’s Department of Economic Development and Planning, the TIRC report offers recommendations on whether these tax incentive offers should be continued, renegotiated if a company continues to struggle, or even reversed in cases where companies have not met job creation promises.
The 2012 report found that all of the companies currently under County tax incentive agreements are meeting and exceeding workforce and local investment pledges.
“By working together with these companies to identify opportunities for growth, we are helping them create new jobs, keep existing employees working, invest more in the local economy, and grow deeper roots in our communities,” said County Commissioner President Paula Brooks. “This report reveals how the responsible use of tax incentives can be an engine for economic development that drives our future jobs, our future businesses, and our future success.”
“These incentives are a good tool for leveraging private investment and job growth, but it is also about ensuring that our existing companies are thriving and that innovative companies are given an opportunity to grow,” said County Commissioner Marilyn Brown. “In addition to creating jobs, many of these companies have established strong relationships with local charitable organizations as a way of paying back the community for its support.”
“Franklin County’s greatest asset has always been our region’s workforce - hardworking men and women who want good-paying, stable jobs,” added County Commissioner John O’Grady. “Our strategy to attract new businesses and retain the companies we already have in Franklin County is ultimately about putting more people to work in the kinds jobs that can support their families and their communities.”
Encouraging job growth and economic opportunity continues to be a top priority for County Commissioners, who earlier this year launched their “Smart Works in Franklin County” initiative, a coordinated effort to target and highlight workforce development, job retention and job creation.
Franklin County invests in numerous efforts to grow the region’s smart workforce, by giving people the skills and training they need to get and keep good-paying jobs. At the same time, the County encourages the growth of existing businesses and the creation of innovative new ventures by investing in entrepreneur training and financial support, such as the tax incentives reviewed by TIRC.
County Commissioners are expected to vote on the recommendations of the TIRC at their next General Session meeting on Tuesday, October 9.
The 2012 TIRC report - including a detailed profile of the companies, their job creation and local investments, and the TIRC’s tax incentive recommendations - can be found online at www.FranklinCountyOhio.gov/Commissioners.