Explanation
BACKGROUND: The need exists to enter into an 8-year, 65%, Job Creation Tax Credit Agreement with Clear Saleing, Inc. (Clear Saleing). The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such City agreements became effective January 14, 1993, and requires the City to enter a Council-approved agreement between the City and a participating company.
The proposed project involves an expansion of Clear Saleing's presence in the City through an approximately $640,000 investment in capitalized software development costs at its current facility located at 1177 Olentangy River Road, with the understanding that the company's long term plans include a potential expansion into a different, larger space within the City during the term of the agreement.
Contingent on the City granting a Job Creation Tax Credit, Clear Saleing will retain 14 full-time positions, create approximately 60 new permanent full-time jobs with an annual payroll of $4.5 million and increase job opportunities and strengthen the economy of the City.
Founded in 2006, Clear Saleing is a leading technology provider to the online advertising market. Through its patent-pending technology and portfolio management platform, Clear Saleing provides Internet retailers and direct marketers with one of the only accurate ways to measure, compare and optimize profit across their online advertising portfolio. Clear Saleing's customers include American Greetings, Brulant, Safe Auto, Stanley Steemer and Nationwide.
Clear Saleing also is considering the New York, New Jersey, and Connecticut areas on the basis of access to customers, complementary business and talent pool, as potential sites for this expansion.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into an 8-year, 65% Job Creation Tax Credit agreement with Clear Saleing, Inc.
Body
WHEREA...
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