Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Downtown Office Incentive Agreement with River Financial Inc.
Based in San Francisco, California, River Financial Inc. is a client-first financial institution dedicated to providing financial products and services that enable their clients to harness the transformative possibilities of Bitcoin. Founded in February 2019, River Financial Inc. set out to accelerate the adoption of Bitcoin, starting with a Bitcoin brokerage that provided high levels of liquidity, cutting-edge security, and industry-leading client experience initiatives. Over the course of 2019, founders Alex Leishman and Andrew Benson built the infrastructure of the company. In early 2020, the product was introduced to the public. Following the success of the brokerage product, River Financial Inc. is bringing on Product and Operational talent to discover and build its next product innovation, hoping to move a significant portion of back-office operations to Columbus. River Financial Inc. is also considering Nashville, TN, Kansas City, MO and Indianapolis, IN for this project.
River Financial Inc. is proposing to invest a total capital investment of approximately $292,500, which includes $77,500 related to new construction and building improvements, $5,000 in machinery and equipment, $200,000 in furniture and fixtures, and $10,000 stand-alone computer to lease, equip, and occupy approximately 8,000 square-feet of vacant office space at 80 East Rich Street, Columbus, Ohio 43215, parcel number 010-296465 (“Project Site”) to establish and expand its client services and administrative operations. Additionally, River Financial Inc. will retain 4 full-time employees with an annual payroll of approximately $455,000 and create 30 net new full-time permanent positions with an associated new annual payroll of approximately $2,252,500 at the proposed Project Site.
River Financial Inc. is requesting a Downtown Office...
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