Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with 2Checkout.com, Inc. (2CO) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. 2CO will make a fixed-asset investment of approximately $390,000 including, $240,000 in new machinery and equipment and $150,000 in renovation and leasehold improvements, create 100 new full-time permanent positions and retain 89 existing jobs in the City of Columbus.
2Checkout.com, Inc. was founded by current Chief Executive Officer Alan Homewood in 2000 and is headquartered in Columbus, Ohio. 2CO is a worldwide leader in payment services. 2CO is a global payments solutions provider servicing approximately 100,000 on-line retailers. The company has five primary lines of business which are recurring billing, consumer care, fraud protection, global affiliates and hosted payments. The company provides web-based businesses merchant account alternative and a fully automated suite of backend services, including fraud protection, customer care, PCI data storage, and multiple payment methods in multiple currencies and languages.
2CO is proposing to expand its corporate headquarters by entering into a 10-year lease agreement, expanding from 18,500 square feet to 25,000 square feet of office space located at 1785 O’Brien Road to meet its increased growth and consumer demand.
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 2Checkout.com, Inc. equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company’s proposed investment of $390,000.00, the creation of 100 new full-time permanent positions and the retention of 89 full-time jobs. ($390,000.00)
Body
WHEREAS, the City desires to increase emp...
Click here for full text