Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with PeopleToMySite.com, LLC, dba The Shipyard.
Incorporated in 2005, PeopleToMySite.com, LLC is a contemporary internet marketing solutions provider located in Columbus, Ohio. PeopleToMySite.com, LLC focuses on crafting high-end internet technology solutions aimed at driving business through the internet. The company specializes in helping marketers acquire and keep customers and was formed by Rick Milenthal, Chief Executive Officer, after he left Engauge Marketing (Columbus, Ohio) where he was executive chairman, after its sale to the Publicis Groupe SA. Two companies in which Mr. Milenthal invested, Fugent Inc. and PeopleToMySite.com, LLC, have become part of The Shipyard.
PeopleToMySite.com, LLC is proposing to extend their lease of approximately 10,000 square feet of office space located at 580 North Fourth Street, Suite 500 Columbus, Ohio 43215 in order to more than double their existing workforce. The project involves a total investment of approximately $200,000 related to the acquisition of stand-alone computers and leasehold improvements at the project location. The project will retain 50 full-time permanent positions with an estimated annual payroll of approximately $2.45 million and create 50 new full-time permanent positions with an estimated new annual payroll of approximately $2.75 million to meet customer demands.
PeopleToMySite.com, LLC would qualify for the Columbus Downtown Office Incentive in an amount equal to fifty percent (50%) of the amount of new employee city income tax withholding, or approximately $171,875 over the incentive term of five (5) years, upon the extension of their long-term lease by at least seven (7) years. The Columbus Department of Development recommends granting the Columbus Downtown Office Incentive to PeopleToMySite.com, LLC.
FISCAL IMPACT: No funding is required for this legislation.
...
Click here for full text