Explanation
BACKGROUND: The Department of Development is proposing to enter into a Columbus Downtown Office Incentive with Bark & Co., Inc. dba BarkBox.
BarkBox is a New York-based provider of pet-themed products known for its monthly treat-delivering subscription service. Founded in 2011 by Matt Meeker, Henrik Werdelin, and Carly Strife, Bark & Co., Inc. initially focused on subscription-based e-commerce via BarkBox, which sends out a monthly box of dog treats and toys, based on a dog’s size. BarkBox has approximately 200,000 monthly subscribers. BarkBox is a $100M e-commerce company based upon valuation during a recent $15M raise from various venture capital firms in a Series B Round in July of 2014. In addition to BarkBox, Bark & Co., Inc. added a vet care service in 2014 known as BarkCare, which provides on-demand vet appointments for more routine matters, including puppy shots, rabies vaccines and other minor ailments. The company has since expanded to the San Francisco Bay Area.
BarkBox is proposing to expand and open its first Ohio location in downtown Columbus by investing approximately $200,000 in leasehold improvements and computers. The company will enter into a lease agreement at 445 North High Street in downtown Columbus and create 120 new full-time permanent positions with an annual payroll of approximately $3.6 million.
Bark & Co., Inc. dba BarkBox is Joseph T. Ryerson & Son, Inc. is requesting a fifty-percent (50%) /5-year Downtown Office Incentive from the City of Columbus to assist in the opening of its Midwest operation center.
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 Bark & Co., Inc. dba BarkBox, as provided in Columbus City Council Resolution 0088X-2007, adopted June 4, 2007.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new...
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