Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with devVenture, LLC and devVenture Holdings, LLC 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 and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, both for a term of up to five (5) consecutive years.
Starting in 2007, devVenture, LLC, doing business as AutoSweet, has been developing, maintaining, and selling its proprietary software to help thousands of car dealerships market their inventory online. In one Sweet of software, AutoSweet’s Inventory Marketing Hub bundles everything dealers need to effectively market and manage new and pre-owned inventory in a simple-to-use interface. The software provides features to collect, manage, and publish inventory to every marketing channel dealers work with (e.g. classifieds, local, and social selling sites like Craigslist, Backpage, YouTube, and Facebook). The company also offers related services including on-lot inventory services and an automated, strategic e-mail marketing campaign service. Due to its success, the company has operations in Columbus, Houston (TX), and New Orleans (LA), with the majority of its workforce located in Columbus.
devVenture, LLC intends to relocate the operations from 3240 W. Henderson Road, Suite C Columbus, Ohio 43220 in the coming months to support projected employment growth as the current site is at capacity. An affiliated company, devVenture Holdings, LLC, will lease and renovate approximately 8,083 square feet of now warehouse space into creative, tech-friendly office space to be occupied by devVenture, LLC, at 2260 W. Henderson Road, Suite 220 Columbus, Ohio 43220 (“Project Site”), where the company is expected to enter i...
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