Akron, Huntington strike job-saving deal
Through a deal struck by the city of Akron, Huntington Bank will keep 1,200 jobs, a regional headquarters and the associated tax dollars in Akron amid 30 statewide and 70 national branch closings.
The Akron Beacon Journal reports that the Akron City Council’s five-year development deal with the Columbus-based bank offers more public improvements around Cascade Plaza — up to $1 million by the end of 2019 to fix lighting in the Cascade Parking Deck and connect the courtyard with sidewalk and street improvements on Main Street — if the bank guarantees that Akron would maintain 1,200 jobs and $63 million in payroll.
At a minimum, the deal would guarantee $7.875 million in income taxes on the 1,200 baseline jobs over the life of the deal. There are also incentives if Huntington increases payroll or adds jobs.
The newspaper also reported that a jobs agreement Mayor Dan Horrigan struck requires the bank to provide the city with the data needed to perform an annual review to ensure it keeps up its end of the bargain.