Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with DSW Inc. and its subsidiaries (DSW Shoe Warehouse, Inc., eTailDirect LLC, DSW Information Technology LLC and Brand Card Services LLC) equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. DSW Inc. and its subsidiaries will make an investment of approximately $17 million, including $14 million in new machinery and equipment, $3.0 million in new construction and create 200 new full-time permanent positions with an annual payroll of approximately $10 million.
DSW Inc. is a leading branded footwear and accessories retailer that offers a wide selection of brand name and designer dress, casual and athletic footwear and accessories for women, men and kids. The company was founded in 1991, opening its first DSW store in Dublin, Ohio. As of March 2012, DSW Inc. operates 328 retail stores in 40 states and 341 leased departments for other retailers in the United States, making the company one of the fastest growing retailers. The average DSW (which stands for Designer Shoe Warehouse) store is approximately 22,000 square-feet and covered wall to wall with 24,000-plus pairs of shoes in more than 2,000 styles.
DSW Inc. and its subsidiaries are proposing to expand its corporate headquarters and distribution centers by investing approximately $17 million. The company will enter into a long-term lease agreement to expand its current corporate office at 810 DSW Drive and its distribution centers located at 4150 and 4314 East Fifth Avenue, 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 DSW Inc. and its subsidiaries equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term ...
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