ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, October 31, 1996 TAG: 9610310067
SECTION: BUSINESS PAGE: B6 EDITION: METRO
SOURCE: MAG POFF
First Union Corp. had exactly 400 employees working in downtown Roanoke on Wednesday, meaning, the city figures, the bank must pay $66,400 this year in a refund of an incentive offer.
Bank spokesman David Scanzoni said 126 people were working in First Union Tower and 274 were at the First Union Building or the bank branch on Jefferson Street.
Philip Sparks, the city's director of economic development, said 359 people worked downtown in 1994 when the company promised to add 200 jobs for five years. In return, First Union received $326,000 from the city to train workers.
Sparks said the bank actually delivered 207 jobs, bringing the total jobs promised to 566. The bank must maintain this number until 1999 or refund $400 a year per position.
Since the bank came up 166 jobs short, Sparks said, it should owe a total of $66,400 this year. And if First Union goes through with its recently announced plan to eliminate 121 jobs next year, he said, the Charlotte, N.C.-based company would owe another $48,400 for a total next year of $114,800. The bank's total liability can never exceed the $326,000 it was paid.
The city has not confirmed the figures or discussed the situation with the bank.
LENGTH: Short : 35 lines KEYWORDS: JOBCHEKby CNB