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File #: 2993-2018    Version: 1
Type: Ordinance Status: Passed
File created: 10/24/2018 In control: Economic Development & Small Business Committee
On agenda: 12/3/2018 Final action: 12/6/2018
Title: To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Installed Building Products, Inc. for a term of up to five (5) consecutive years in consideration of the company’s proposed capital investment of $660,850.00, the retention of 145 jobs and the creation of 52 net new full-time permanent positions with an estimated annual payroll of approximately $3.32 million.
Attachments: 1. ORD2993-2018 IBP - Project Site Map, 2. ORD2993-2018 IBP - Fact Sheet
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Installed Building Products, Inc. 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.

Installed Building Products, Inc. (IBP) is the second largest insulation installer serving the residential new construction market in the United States. Installed Building Products, Inc. is a holding company that was incorporated in October 2011. The company technically began in 1977 with one location, known at that time as Edwards Insulation in Columbus, Ohio. As of December 31, 2016, the company's national platform included over 100 locations accessing customers in 48 continental states and the District of Columbia. IBP also installs complementary building products, including garage doors, rain gutters, shower doors, closet shelving and mirrors, which provides cross-selling opportunities to supplement its insulation installation business. The company also provides roof installation services. Jeffrey W. Edwards is the current President, Chief Executive Officer and Chairman of the company.

Installed Building Products, Inc. is proposing to invest a total project cost of approximately $680,850, which includes $378,000 in lease-hold improvements, $101,850 in stand-alone computers, and $181,000 in furniture and fixtures to expand its corporate headquarters at 495 S. High Street, Columbus, Ohio 43215 located in the Brewery District. With this expansion, the company plans to renovate approximately 32,500 sq. ft. of office space to support its strategic growth plan, as the company continues to grow its footprint in various mar...

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