Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with PrivIT, Inc.
A subsidiary of a Canadian company with sales offices in London, Ontario and corporate operations in Columbus, PrivIT, Inc. has developed patented web-based technology for the collection, distribution and analysis of personal health information with the aim of improving the health and safety of all those involved in organized sports and activities. The company’s web-based system is designed for ease of use to assist athletes, parents, children, administrators, and other professionals along one of four initial tracts: e-PPE, MiFitness Health Record, MiChilds Health Record, and MiCamper Health Record.
Currently, PrivIT, Inc. occupies approximately 3,300 square feet of office space at 330 W. Spring Street, Suite 250 Columbus, Ohio 43215 and is under a lease agreement until July 31, 2018 but anticipates needing approximately 15,000 square feet as the Columbus operation grows. PrivIT, Inc. intends to grow at the current site, but is evaluating a variety of location options to accommodate their expected future growth. Once the final location is selected, PrivIT, Inc. will then determine the cost related to leasehold improvements. PrivIT, Inc. will invest approximately $48,000 related to the acquisition of furniture and fixtures and stand-alone computers at a project location in downtown Columbus, retain 6 full-time permanent positions with an estimated annual payroll of approximately $555,003, and create 30 new full-time permanent positions with an estimated new annual payroll of approximately $2,005,000.
PrivIT, Inc. qualifies 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 $75,188, over the incentive term of three (3) years with the possibility of receiving two additional cash payments totaling approximatel...
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