Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with GENCO I, Inc. 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.
GENCO I, Inc. was founded in 1898 as H. Shear Trucking Company in Pittsburgh, Pennsylvania. Beginning as a horse and wagon transport and moving to motorized vehicles in 1917, the business took a new name: General Commodities Warehouse and Distribution Company (GENCO, for short). The third generation family business merged with ATC Technology Corp. in 2010 and incorporated the consumer electronics sector into its product lifestyle logistics services. GENCO I, Inc. was acquired by FedEx Corp. in 2015 and is a leader and provider of third party logistics, warehousing and storage. It serves over 300 customers and operates over 38 million square feet of warehouse space. Customer-base industries include consumer goods, healthcare, government and defense, retail, industrial goods and technology. GENCO I, Inc.’s product lifecycle services include transportation logistics, distribution and warehousing, reverse logistics, contract packaging, inventory liquidation and unsalables management.
GENCO I, Inc. is proposing to invest approximately $2,752,180 which includes machinery and equipment and the renovation of an existing building to support a central United States supply chain location for eCommerce fulfillment services. The company will enter into a lease agreement on a vacant warehouse space consisting of approximately 150,000-200,000 square feet at 2221 John Glenn Avenue Columbus, Ohio, 43217. GENCO I, Inc. will create 82 new full-time permanent positions with an associated new annual payroll of approximately $2,988,336, which will be new income tax revenue for the City of Columbus.
GENCO I, Inc. is requesting a Jobs Growth Incentive from the City of Columbus to assist in the dev...
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