Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Homage, LLC 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. Homage, LLC will invest a total of approximately $400,000 related to the acquisition of furniture and fixtures, stand-alone computers, and leasehold improvements, retain 42 full-time permanent positions with an estimated annual payroll of approximately $2.1 million, and create 28 new full-time permanent positions with an estimated new annual payroll of approximately $1.68 million.
Locally-owned and operated, Homage, LLC began designing and selling vintage inspired sportswear through wholesale relationships in 2007. In subsequent years, company executives sought licensing agreements from colleges, universities, and professional sports teams to expand their product offering. Homage, LLC began selling apparel to boutique stores and crafted a web portal from which e-commerce sales could be supported. Today, e-commerce sales represent the majority of company revenue and 80% of sales are derived from outside of Ohio. In addition to a growing e-commerce presence, Homage Retail, LLC, a wholly-owned subsidiary of Homage, LLC operates two, soon to be three, retail locations.
Homage, LLC is proposing to expand and relocate their existing headquarters and e-commerce operations from their current 20,000-square-foot facility located at 5717 Westbourne Ave., Columbus Ohio, 43213 to a build-to-suit office and warehouse of approximately 35,000 square feet to be located on Bridgeway Ave., Columbus, Ohio 43219.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive with Homage, LLC equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of...
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