Explanation
BACKGROUND: The need exists to enter into a Jobs Creation Tax Credit and a Jobs Growth Incentive Agreement with Express, LLC and Express Holding, LLC (Collectively known as Express). The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.
Express, founded in 1980, is one of the 10 largest specialty retailers in the United States. Headquartered in Columbus, Ohio, Express started as a subsidiary of Limited Brands, Inc. Starting with one store in Chicago, Illinois known as the Limited Express, the company presently has 620 retail operations and over 20,000 associates nationally. In July 2007, Golden Gate Capital, a private equity firm based in San Francisco, California, purchased the company. Today, although under new management, Express continues to operate under its original name and maintains its reputation as a premium brand through innovative designs, competitive prices and consistent quality.
In order to successfully segregate Express operations from Limited Brands Inc., the company developed a comprehensive transition strategy that incorporates establishing a corporate headquarters in Columbus, Ohio. The headquarters will occupy approximately 200,000 square feet of the 1.2 million square feet of space leased from Limited Brands. As a part of the expansion project, Express proposes to make a significant investment (approximately $7.9 million) in lease hold improvements and personal property.
Express is proposing to invest approximately $7.9 million to renovate and expand its corporate headquarters located at 1 Limited Parkway Columbus, Ohio. The company will retain 368 full-time permanent employees and create 120 new full-time permanent positions.
The State has approved a Jobs Creation Tax Credit of 60% for 8 years for Express.
Emergency action is necess...
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