Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Downtown Office Incentive Agreement with IBOD Company, Inc. the parent company of Root Insurance Company.
The primary line of business for Root Insurance Company (“Root”), headquartered in Columbus, Ohio, is providing property and casualty insurance, in particular personal passenger auto insurance. Root relies on telematics and a customer's smartphone to deliver rates for good drivers based on their current driving data. Root was formed by a veteran of the insurance industry that saw a need to provide good drivers an insurance product that rewards them with low insurance premiums based on their driving ability. The company’s auto insurance products are sold, administered, and monitored through a smartphone app. Root does not employ agents to sell or administer its products.
Root is a subsidiary of IBOD Company, Inc. which was founded in 2015. IBOD Company, Inc. will be the employer of record for all positions created and retained as it recently severed a relationship with its former professional employer organization (PEO), Sequent, Inc. IBOD Company, Inc. intends to lease, renovate, and occupy approximately 65,000 square feet of office space at 80 E. Rich Street, Columbus, Ohio 43215 (“Project Site”) near the Columbus Commons. The expansion of the company’s headquarters and growth of their executive and customer support operation will support projected growth and provide access to a diverse and talented pool of prospective employees.
IBOD Company, Inc. will invest approximately $1.03 million related to leasehold improvements and equipping the Project Site. IBOD Company, Inc. anticipates retaining and relocating 79 existing full-time permanent positions with an associated annual payroll of approximately $8,407,464 from their current headquarters located at 34 W. Gay Street, Suite 2A, Columbus, Ohio 43215, and expects to create approximately 463 new full-time pe...
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