Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with lululemon usa inc. 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 into a Council-approved agreement between the City and a participating company.
Lululemon athletica inc. (NASDAQ - LULU), through its wholly owned subsidiary, lululemon usa inc., is a designer and retailer of technical athletic apparel operating primarily in North America and Australia. The company’s yoga-inspired apparel is marketed under the lululemon athletica brand name. The company offers a range of performance apparel and accessories for women, men and female youth. Its apparel assortment, including items, such as fitness pants, shorts, tops and jackets, is designed for healthy lifestyle activities such as yoga, running and general fitness. The company’s fitness-related accessories include an array of items, such as bags, socks, underwear, yoga mats, instructional yoga digital versatile discs (DVDs) and water bottles.
The company sells its products through a chain of corporate-owned and operated stores; direct to consumer through e-commerce Websites; and a network of wholesale channels, such as premium yoga studios, health clubs, and fitness centers. As of early February 2013, it operated 135 stores in the United States, 51 stores in Canada, 23 stores in Australia, and 2 stores in New Zealand under the lululemon athletica and ivivva athletica brand names. Lululemon athletica inc. was founded in 1998 and is based in Vancouver, Canada.
Lululemon usa inc. is proposing to acquire, renovate, and equip an existing building of more than 308,000 square feet for the purpose of operating a distribution center. The company will invest approximately $27,760,000 related to building acquisition, improvements, machinery and equipment, furniture and fixtures, and stand-alone computers and will...
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