Explanation
BACKGROUND: The need exists to enter into a Columbus Downtown Office Incentive Agreement with Engauge. Engauge is proposing to expand its corporate headquarters by entering into a 6-year lease, invest $250,000 in leasehold improvements, retain 76 employees and create 50 new full-time permanent positions. The new positions will create approximately $3.2 million in additional payroll and approximately $80,000 annually in City income tax revenue.
Engauge is an advertising agency that offers advertising and promotion services, such as print and outdoor, radio and television, direct response, sales promotion, retail display and merchandising, channel marketing, and packaging services. The company was founded as DDF&M Advertising and changed its name to Hallmark Tassone, Inc. The company changed its name to HMS Hallmark, Ltd. in 1999 and then to TenUnited in 2000. TenUnited changed its name to Engauge Communication in April 2008. The company is headquartered in Columbus, Ohio with additional offices in Pittsburgh, Pennsylvania and Orlando, Florida.
Based on this estimate, Engauge would qualify for the Columbus Downtown Office Incentive of an amount equal to fifty-percent (50%) of the payroll taxes paid on the new positions or approximately $160,000 over four (4) years.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Columbus Downtown Office Incentive Agreement with Engauge as provided in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007, in consideration of the company's proposed investment of $250,000 in leasehold improvements, the retention of 76 employees and the creation of 50 new full-time permanent positions.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Res...
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