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File #: 1822-2017    Version: 1
Type: Ordinance Status: Passed
File created: 6/29/2017 In control: Economic Development Committee
On agenda: 7/24/2017 Final action: 7/26/2017
Title: To authorize the Director of Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with King Memory, LLC for a term of up to five (5) consecutive years in consideration of the company’s proposed investment of $100,000.00 and the creation of 40 new full-time permanent positions.
Attachments: 1. ORD1822-2017 King Memory - Site Map (JGI), 2. ORD1822-2017 King Memory - Fact Sheet (JGI)
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with King Memory, LLC in an amount equal to (i) twenty-five percent (25%) of the City of Columbus income tax withheld on the Columbus payroll of new employees and (ii) thirty percent (30%) of the City of Columbus income tax withheld on the Columbus payroll of new employees, who are also City of Columbus residents at the end of each calendar year, for a term of up to five (5) consecutive years.

King Memory, LLC is a computer hardware company that sells, recycles and manufactures computer hardware, specializing in computer random access memory (RAM), e-Commerce and in-house software development. The company was founded 2009 by Chad Crnkovich and Darryl Tanner, formal college roommates, but formalized their partnership and made a serious sales push beginning in 2012. King Memory, LLC also offers custom IT systems, including advanced logistics, fulfillment processing, customer service, shipping, security, product listing and inventory management. One of the fastest growing companies in Columbus, King Memory, LLC is on Delotte’s Technology Fast 500 list.

King Memory, LLC is proposing to invest approximately $100,000, which includes $50,000 in computer equipment and $50,000 in furniture and fixtures, to expand its corporate headquarters and operation facility. With this expansion, the company plans to globalize its memory business and expand its supply chain as well as hire additional support staff to accommodate the company’s strategic growth plan. King Memory, LLC will renew its current lease agreement of their existing office warehouse space consisting of approximately 18,000 sq. ft. +/- at 380 Morrison Road, Suite A Columbus, Ohio 43213, retain 26 full-time jobs with an annual payroll of approximately $1.10 million and create 40 new full-time permanent positions with an annual payroll of approximately $2.0 million.

King Memor...

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