Worthington is giving some help to FCBank after the company announced in June its plans for a new regional headquarters building in the city.

Worthington is giving some help to FCBank after the company announced in June its plans for a new regional headquarters building in the city.

FCBank's current headquarters is in Bucyrus, but a new, 18,500-square-foot building at 6600 N. High St. will act as both a local branch and the bank's central Ohio headquarters.

Worthington City Council members voted to aid that process at their regular meeting Monday, July 20, by giving the bank a tax break and grant funding.

Council approved an ordinance establishing a community reinvestment area abatement that will exempt FCBank from paying 50 percent of the taxes on the value of improvements made to the site over a 10-year period, saving the bank an estimated $435,000 based on "today's value" of the location.

Economic Development Manager Jeff Harris said the investment from FCBank in the site and the city as a whole would be worth the tax break.

The company is investing $4.6 million in the new headquarters, including the purchase price of the land and nearly $3 million in construction costs.

The space originally was valued at $450,000, but it was purchased for about $1.6 million. Eventually, Harris said, the taxes from the space will be much more than they would have been without the added value.

Even the schools, he said, are behind the deal.

"The schools will actually make out financially, arguably, more positively than they would without this abatement," he said.

No one on council had issues with the abatement.

"This is a win-win situation," Councilman David Norstrom said. "We're getting a headquarters for a regional bank and increasing the income tax we'll be receiving. ... The schools are agreeing with us. It's a win-win."

But the tax abatement wasn't the only help council gave FCBank. At the same meeting, they approved an ordinance that will give the bank a $52,965 grant.

Because of their increase in employees -- to about 26 full-time workers -- at the new location, FCBank qualified for the city's venture grant program, which will give it installments of the $52,965 grant over five years.

FCBank will need to continue to grow its payroll during that time, with predictions it will range from about $1.3 million to $2.2 million per year during the growth.

Construction on the building is expected to finish by the end of 2016.