Dublin City Council will vote on an incentive package worth up to $510,000 to bring Northwest Bank's Columbus-area headquarters and 120 jobs to the city.

The deal, first read at the council's Aug. 10 meeting, would return 15% of the income tax withheld from Northwest's new Dublin employees back to the company each year for five years, from 2031 through 2035, capped at $460,000 total. A separate $50,000 location grant would be paid after the bank proves it has signed a 15-year lease and obtained an occupancy permit.

The terms were detailed in a NBC4 report published Aug. 18, citing a proposed economic development agreement and a memo to council from economic development director Jeremiah Gracia.

Northwest Bank plans to relocate 120 employees to a new Dublin office and grow to 300 employees in the city by 2034, according to Gracia's memo. He wrote that the bank selected Dublin after a nationwide search that included other Columbus-market options.

"We are looking at a real estate opportunity in Dublin to support our anticipated long-term growth, as we continue to invest in Columbus as a key growth market," a Northwest Bank spokesperson told NBC4 on Aug. 18.

The agreement does not specify where in Dublin the new office would be located, though the NBC4 report noted it would add a corporate employer to the Bridge Street District, where office development has accelerated. The city approved a final plan in July for Bridge North, a mixed-use project with 75,000 square feet of office space, and construction is underway on J Block at Bridge Park, which will include more than 100,000 square feet of Class A office.

Northwest Bank, founded in Bradford, Pennsylvania, in 1896, is now headquartered in Columbus. The bank operates 152 full-service financial centers across Ohio, Pennsylvania, New York and Indiana.

The incentive deal would make Northwest the third financial-services firm to strike an incentive agreement with Dublin in just over a year, as we reported Aug. 9.

For residents, the trade-off is straightforward: the city forgoes a portion of new income-tax revenue it would not have collected without the relocation, in exchange for a larger workforce spending money locally and occupying office space in the Bridge Street District.

Council meets Aug. 24 at Dublin City Hall.