Number
030670
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution approving a Relocation Assistance Agreement with Bank One, N.A. (DCD)
Analysis
This resolution authorizes a relocation assistance grant of up to $300,000 to assist Bank One to relocate 750 positions in its consumer lending center to its facility at 111 East Wisconsin Avenue.
Body
Whereas, Bank One, N.A. is proposing to relocate approximately 750 jobs now located in Menomonee Falls to its Wisconsin headquarters at 111 East Wisconsin Avenue; and
Whereas, This relocation is part of a national restructuring underway at Bank One and was characterized by bank management as an "all or nothing" decision, i.e., the positions would either be consolidated into one operation in Wisconsin or be relocated to competing cities including Columbus, Indianapolis, Detroit or Akron; and
Whereas, The positions to be relocated involve consumer loan processing, collections and loan servicing and carrying an average wage of $17.50 per hour; and
Whereas, In connection with the consolidation to 111 East Wisconsin Avenue, Bank One expects to invest in excess of $14 million to renovate its facility and expects to begin occupying the renovated facilities in April of 2004; and
Whereas, Approximately 60 percent of the positions to be relocated to downtown are held by residents of the City of Milwaukee and the central location for the new operation will provide considerably greater accessibility to job opportunities for City of Milwaukee residents; and
Whereas, To assist Bank One in this relocation, it is proposed that the City of Milwaukee provide a relocation assistance grant of up to $300,000 upon the terms and conditions set forth in the Term Sheet, a copy of which is attached to this Common Council File; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized and directed to enter into a Relocation Assistance Agreement with Bank One, N.A. upon the terms and conditions set forth in said Term Sheet; and, be it
Further Resolved, That funds for this relocation assistance grant shall be provided from the City's Capital Development Fund; and, be it
Further Resolved, That the City Comptroller is authorized and directed to establish such accounts and subaccounts as may be necessary to effectuate the purpose of the Agreement and this resolution.
Drafter
DCD:JS:tda
09/03/03/A