Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Chute Gerdeman, Inc. equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of up to five (5) years.
Chute Gerdeman is a global leader in retail innovation, insight and design. Founded in 1989 by visionary leaders Elle Chute and Denny Gerdeman, Chute Gerdeman has created and transformed customer experiences for hundreds of the world’s top restaurant, retail, and hospitality brands.
Chute Gerdeman is proposing to expand operations at their existing corporate headquarters located at 455 South Ludlow Alley, Columbus, Ohio 43215 in the Brewery District. Chute Gerdeman, in partnership with their building owner, will renovate and equip approximately 4,000 square feet of currently vacant office space on the 2nd and 4th floors of the project site, construct an outdoor patio addition, construct a parking garage on the west end of the building to accommodate additional parking needs, and renovate the firm’s existing 19,200-square-foot offices. The company will invest approximately $197,000 related to leasehold improvements with the remainder of the real property improvements being paid for by the property owner. Chute Gerdeman will retain 66 full-time permanent positions with an annual payroll of approximately $5,145,218 and create 41 new full-time permanent positions with a new annual payroll of approximately $2,519,190.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of Development to enter into a Jobs Growth Incentive Agreement with Chute Gerdeman, Inc. equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of up to five (5) years in consideration of investing approximately $197,000 related to leasehold improvements, retaining 66 full-time permanent positions, and creating 41 new fu...
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