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File #: 1187-2019    Version: 1
Type: Ordinance Status: Passed
File created: 4/22/2019 In control: Economic Development Committee
On agenda: 5/13/2019 Final action: 5/16/2019
Title: To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Upstart Network, Inc. for a term of up to five (5) consecutive years in consideration of the company’s proposed capital investment of $1,400,000.00 and creation of 100 net new full-time permanent positions with an estimated annual payroll of approximately $10,750,000.00.
Attachments: 1. ORD1187-2019 Upstart - Site Map, 2. ORD1187-2019 Upstart - Fact Sheet
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Upstart Network, 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.

Upstart Network, Inc. is the first online lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process for personal loans using non-traditional variables, such as education and employment, to predict creditworthiness. First launched in April 2012, Upstart has demonstrated strong credit performance and maintains one of the industry’s highest consumer ratings according to leading consumer review sites.

Upstart Network, Inc. is proposing to invest approximately $100,000 in technology, $200,000 in machinery and equipment, $100,000 in furniture and fixtures, and $1,000,000 in leasehold improvements to establish operations at 711 N. High Street, Columbus, Ohio 43215, parcel number 010-031749 and 886 N. High Street, Columbus, Ohio 43215, parcel number 010-007464. With this project, the company plans to begin initial operations at 886 N. High Street, Columbus, Ohio 43215, parcel number 010-007464 and take a permanent lease of an approximately 15,446 sq. ft. at 711 N. High Street, Columbus, Ohio 43215, parcel number 010-031749 to support an administrative operation. Additionally, Upstart Network, Inc. will create 100 new full-time permanent positions with a cumulative estimated annual payroll of approximately $10,750,000 to support its growth.

Upstart Network, Inc. is requesting a dual-rate Jobs Growth Incentive from the City of Columbus to assist with this expansion project. ...

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