Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Blue & Co., 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.
Blue & Co., LLC is one of the 55 largest public accounting firms in the United States. The company provides assurance, tax, and consulting services to their clients. Blue & Co. was founded in Indianapolis, Indiana in 1970 by four Indiana University graduates. After operating under different combinations of the foursome’s last names, they decided to use the name of the partner with the shortest name, Ron Blue. Today, Blue & Co. has 13 offices in four states (Indiana, Kentucky, Ohio and Texas) and over 450 professionals. Though they service all industries and niches (Construction, Manufacturing, Distribution, Agribusiness, Financial Services and Not-for-Profit), the company’s primary area of focus is working with companies in the Healthcare industry, which accounts for fifty percent of their revenue.
Blue & Co., LLC is proposing to invest approximately $275,000 in furniture and fixtures to relocate and expand its Columbus operations facility. With this expansion, the company plans to increase the size of its workforce servicing the State of Ohio and take on new clients. Blue & Co. will enter into a lease agreement on a vacant commercial office space consisting of approximately 16,300 square feet +/- at 9200 Worthington Road, retain the 25 full-time jobs with an annual payroll of approximately $2.28 million and create 15 new full-time permanent positions with a cumulative estimated annual payroll of approximately $977,571. All positions ...
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