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File #: 3121-2018    Version: 1
Type: Ordinance Status: Passed
File created: 11/2/2018 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 Job Creation Tax Credit Agreement with Fortuity Holding, LLC and Fortuity Calling, LLC for a tax incentive of sixty percent (60%) for a period of six (6) consecutive years in consideration of a total proposed capital investment of approximately $12.44 million, retention of 2 full-time jobs and the creation of 125 new full-time permanent positions with an estimated annual payroll of approximately $3.62 million.
Attachments: 1. ORD3121 Fortuity Holding LLC - JCTC Project Site Map, 2. ORD3121-2018 Fortuity Holding LLC - JCTC Fact Sheet
Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with Fortuity Holding, LLC and Fortuity Calling, LLC. The Ohio Tax Credit Legislation (Section 718.15 of the Ohio Revised Code) authorizing such agreements became effective January 14, 1993 and requires the City to enter a Council-approved agreement between the City and a participating company.

Headquartered in the City of Columbus, Fortuity Holding, LLC is a real estate holding company established in the fall of 2017. Fortuity Calling, LLC is a wholly owned subsidiary of Fortuity Holding, LLC, and will launch in mid-to-late 2018 as a full-service outsourced call center providing a range of customer support services to local and national companies including phone, chat, social media support, sms/text, email and mail/fax. Fortuity Calling, LLC will provide domestic inbound, overflow and back-office call center support for corporate clients that want on-shore agents speaking English as their first language. Both entities are owned and operated by an experienced management team that includes Fred Brothers, Katie Robinson, and others.

Fortuity Holding, LLC proposes to invest a total project cost of approximately $12.44 million, which includes $4.56 million in acquisition cost, $5.38 million in real property improvements, $2.0 million in inventory, $300,000 in equipment, and $200,000 in furniture and fixtures to acquire, own, expand, renovate and redevelop Mt. Carmel’s old medical office facility into a new Class A commercial office and rehabilitate the associated attached parking garage at 750 Mt. Carmel Mall, Columbus, Ohio, 43222, parcel number 010-000814 in West Franklinton. The proposed redevelopment will convert a 54,805 sq. ft. three-story medical office facility into a four-story commercial office space containing approximately 71,900 sq. ft. Additionally, the company also proposes to rehabilitate a two-story parking garage that will support the commercial office. Th...

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