Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive with Lextant Corporation.
Founded in 1998 by Chris Rockwell, President, Lextant Corporation is a research and design consulting services firm dedicated to informing and inspiring design through a deep understanding of people, their experiences and their aspirations. Lextant Corporation is a pioneer in its field, utilizing generative, participatory research methods for uncovering latent needs, wants and emotions that bring more meaningful products and services to market. The company services Fortune 500 companies in the U.S. and across the globe. Lextant Corporation was named to the 2012 Fast 50 List of the fastest-growing private companies in Central Ohio by Columbus Business First.
Lextant Corporation is proposing to expand its corporate headquarters by investing approximately $865,000 in leasehold improvements, machinery, equipment, stand-alone computers, furniture and fixtures, into a newly constructed Class A office space consisting of roughly 13,000 square feet located in the Columbus Downtown Business District. In addition, the company will create 40 new full-time permanent positions with an annual payroll of approximately $2.72 million and retain 45 full-time jobs with an annual payroll of approximately $3.47 million, to meet its increased consumer demands. Lextant Corporation would qualify for the Columbus Downtown Office Incentive in an amount equal to fifty percent (50%) of the payroll taxes paid on the new employees or approximately $170,000 over a term up to five (5) years. The Development Department recommends granting the Columbus Downtown Office Incentive to Lextant Corporation.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Columbus Downtown Office Incentive Agreement with Lextant Corporation as provided in Col...
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