Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Rocket Code LLC equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of up to five (5) years.
Rocket Code LLC (Rocket Code) builds and delivers e-commerce solutions (branding and strategy, interface designs, analytics measuring customer service conversion experience/ratings) that fuel revenue and profit growth for best-in-class-brands. The company focuses on improving a business’s e-commerce presence through custom and turnkey solutions and proprietary applications. Rocket Code builds solutions in an effort to take its clients’ revenue and profit growth to the next level. Rocket Code’s clients have included Klarna, Qalo, nickelodeon, and Chubbies shorts.
Rocket Code is proposing to expand its Columbus operations after having entered into a lease agreement for approximately 3,500 square feet of commercial office space at 350 E. First Ave. Columbus, OH 43215. Rocket Code will invest approximately $60,000 towards leasehold improvements and furniture and fixture acquisitions, retain and relocate 12 full-time positions with an associated annual payroll of approximately $780,000, and create approximately 25 new full-time permanent positions with an estimated annual payroll of approximately $1,500,000.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with Rocket Code LLC equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees to Columbus for a term of up to five (5) years in consideration of investing approximately $60,000.00 related to leasehold improvements and furniture and fixture acquisitions, retaining and relocating 12 full-time permanent positions, and creating 25 new full-time permanent position...
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