Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with CMG Strategy Co., LLC, Chipotle Mexican Grill of Colorado, LLC, Chipotle Services, LLC and CMGGC, LLC.
CMG Strategy Co., LLC, Chipotle Mexican Grill of Colorado, LLC, Chipotle Services, LLC and CMGGC, LLC (collectively, and hereinafter referred to as “Chipotle”) are all wholly owned subsidiaries of Chipotle Mexican Grill, Inc. The company was founded by Steve Ells with a single restaurant in 1993 as a brand committed to serving real, responsibly sourced ingredients. Chipotle now has more than 2,500 restaurants in the United States, United Kingdom, France, Canada and Germany. It is the only restaurant company of its size that owns and operates all of its restaurants.
Chipotle is proposing to invest a total project cost of approximately $3,750,000, which includes $375,000 in leasehold improvements, $1,500,000 in stand-alone computers, and $1,875,000 in furniture and fixtures to expand its corporate presence in downtown Columbus. The company will occupy approximately 80,000 sq. ft. in a building to be constructed on a site that includes four parcels (010-024120, 010-066049, 010-076770 and 010-010967) on Spruce Street (Project Site). Until the new facility is completed, the retained and new employees will be housed in various temporary spaces in downtown Columbus. Additionally, Chipotle will create 274 net new full-time permanent positions with an annual payroll of approximately $21,553,518 and retain 90 full-time positions with an annual payroll of approximately $5,976,928 at the Project Site.
Chipotle is requesting a Downtown Office Incentive from the City of Columbus to assist in the expansion of this project. This legislation is presented as 30-day legislation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus ...
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