Explanation
BACKGROUND: Columbus City Council (“COUNCIL”), by Ordinance No. 0557-2020 (the “ORDINANCE”), approved on March 16, 2020 authorized the Director of the Department of Development of the City of Columbus (“CITY”) to enter into a City of Columbus Jobs Growth Incentive Agreement (the “AGREEMENT”) with Xariable, Inc. dba Loop Returns (the “GRANTEE”). The incentive was granted to the GRANTEE for a proposed total project investment of approximately $200,000.00 in leasehold improvements, furniture and fixtures to relocate its operation to a newly renovated 7,350 square-foot office space (the “PROJECT”) at 797 North Wall Street Columbus, Ohio 43215, parcel number 010-009149 (the “PROJECT SITE”). Additionally, the GRANTEE committed to retain and relocate 14 full-time positions and create 40 net new permanent full-time positions at the PROJECT SITE, in which the AGREEMENT granted an incentive in an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of new employees at the PROJECT SITE and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of those new employees at the PROJECT SITE who are also City of Columbus residents at the end of each calendar year, for a term of up to thee (3) consecutive years, all as further defined in the AGREEMENT. The AGREEMENT was made and entered into effective July 7, 2020, with the incentive term beginning January 1, 2021 through December 31, 2023 for a consecutive three (3) year credit.
If the GRANTEE is unable to sufficiently document residency for a New Employees associated with this project during a calendar year of the term of the AGREEMENT, the default rate of the Jobs Growth Incentive to be applied that calendar year for that New Employees shall be the lower of the two rates.
In an electronic written communication from Enterprise Advisory Group, LLC, on behalf of the GRANTEE, received by the CITY on January 9, 2023, t...
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