Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a City of Columbus Downtown Office Incentive Agreement with Orveon Global US, LLC.
Orveon Global US, LLC (“Orveon”) is a wholesaler and distributor of skin care products and cosmetics that was created in 2021 following private equity firm Advent International's closing of a definitive agreement with Shiseido Americas Corporation. Advent International is headquartered in New York City, New York and has 1,600 employees in 22 countries. Orveon is managed by its sole member bare Minerals US Holdco Inc. which provides contributions to capital to fund the company’s operations when necessary. Orveon consists of the following iconic clean beauty brands: Bare Minerals, Buxom, and Laura Mercier. The company is targeting the City of Columbus market for establishing a corporate office facility.
Orveon is proposing to invest a total project cost of approximately $1,000,000 which includes $200,000 in furniture and fixtures, $150,000 in stand-alone computers, and $650,000 in leasehold improvements to renovate and occupy a vacant office space consisting of approximately 22,000 square-foot space at 343 N. Front Street, Suites 100 and 200 Columbus, OH 43215 parcel #010-039398 (the “Project Site”) in the Arena District. With this investment, Orveon plans to establish a new corporate office and create 150 net new full-time permanent positions with an estimated annual payroll of approximately $15,020,000 at the Project Site.
Orveon is requesting a Downtown Office Incentive from the City of Columbus to assist in the establishment of a new corporate and administrative offices.
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 Downtown Office Incentive Agreement with Orveon Global US, LLC for a term of up to five (5) consecutive years in consid...
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