Explanation
BACKGROUND: Columbus City Council, by Ordinance 0795-2008, passed May 12, 2008, authorized the Director of the Department of Development to enter into a Job Creation Tax Credit (JCTC) Agreement of sixty-five percent (65%) for a period of eight (8) years with Express, LLC and Express Holding, LLC, collectively known as “Express” and referred to as the “Grantee”, based on the company’s commitment to expand its corporate headquarters by investing approximately $7.9 million in leasehold improvements and personal property, the retention of 368 jobs and the creation of 120 new full-time permanent positions with an annual payroll of approximately $7.8 million.
After several amendments, the JCTC Agreement now reflects the Grantee’s restructuring of its organization, which added and removed various affiliates. As a result, Express, LLC, Express Holding, LLC, Express Topco, LLC, Express Inc. and Express Fashion Operations, LLC are now collectively known as “Express” and hereinafter referred to as the “Grantee”.
In a written letter dated October 16, 2015, the Grantee has requested the Department of Development amend its current JCTC Agreement to accommodate the company’s new proposed expansion project. The Grantee proposes to invest approximately $53.3 million for the purposes of developing and expanding its IT division along with infrastructure build-out (which includes employee training). In addition, the Grantee will create 30 net new full-time permanent positions (above the employee count at year-end, December 31, 2015), with an associated new annual payroll of approximately $2.66 million. The Grantee will enter into discussions with its current landlord during the spring of 2016. The end result will be a written addendum renewing the Grantee’s lease by September 2016, extending its current lease term from September 30, 2017 to April 30, 2021 or beyond; therefore, allowing the Grantee the opportunity to complete the aforementioned expansion project a...
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