Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Downtown Office Incentive Agreement with Candid Care Co.
Candid Care Co. (“Candid”) is an orthodontics company that gives customers the power to buy a clear orthodontist-created alignment plan online-at 65% less than traditional braces. Founded in 2017 by a team of startup veterans with experience across healthcare, hospitality, tech and finance, Candid provides customers the chance to get the smile they want, right at home.
Candid intends to lease, equip, and occupy an approximately 35,000-square-feet of office space in two buildings in the central business district. Its administrative and dental lab operations in Columbus will be located at 34 S. Third Street, Columbus, Ohio 43215 and 107 S. High Street, Columbus, Ohio 43215 (“Project Sites”). The establishment of operations in Columbus will allow Candid to expand customer care, administrative and lab services beyond their headquarters in New York.
Candid anticipates investing approximately $850,000 - of which approximately $100,000 will be related to real property improvements - to equip the Project Sites. Candid Care Co. expects to create approximately150 net new full-time permanent positions with an associated new annual payroll of approximately $6,000,000.
Candid is requesting a Downtown Office Incentive from the City of Columbus to assist in the relocation and expansion of operations in Columbus.
FISCAL IMPACT: No funding is required for this legislation
Title
To authorize the Director of the Department of Development to enter into a Downtown Office Incentive Agreement with Candid Care Co.
Body
WHEREAS, the City desires to increase employment opportunities and encourage establishment of new jobs in the City in order to improve the overall economic climate of the City and its citizens; and
WHEREAS, Resolution 0088X-2007, adopted June 4, 2007, authorized the Department of Development to establish the Columbus Downtown Office Incentive Program as amended; and
WHEREAS, the Department of Development has received a completed application for the Downtown Office Incentive from Candid Care Co.; and
WHEREAS, Candid Care Co. intends to lease, equip, and occupy approximately 35,000-square-feet of office space at 34 S. Third Street, Columbus, Ohio 43215 and 107 S. High Street, Columbus, Ohio 43215; and
WHEREAS, Candid Care Co. intends to invest approximately $850,000 related to renovating and equipping the Project Site and expects to create approximately 150 net new full-time permanent positions with an associated annual payroll of approximately $6,000,000; NOW THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of the Department of Development is hereby authorized to enter into a Downtown Office Incentive Agreement, pursuant to Columbus City Council Resolution 0088X-2007, with Candid Care Co. for an annual cash payment equal to fifty percent (50%) of the amount of City withholding tax withheld on new employees for a term of up to five (5) consecutive years on the estimated job creation of 150 new full-time permanent positions to be located at 34 S. Third Street, Columbus, Ohio 43215 and 107 S. High Street, Columbus, Ohio 43215.
SECTION 2. Each year of the term of the agreement with Candid Care Co. that a payment is due, the City's obligation to pay the incentive is expressly contingent upon the passing of an ordinance appropriating and authorizing the expenditure of monies sufficient to make such payment and the certification of the City Auditor pursuant to Section 159 of the Columbus City Charter.
SECTION 3. That the City of Columbus Downtown Office Incentive Agreement is signed by Candid Care Co. within 90 days of passage of this ordinance, or this ordinance and the credit herein shall be null and void.
SECTION 4. That the Director of the Department of Development is hereby authorized to amend the Downtown Office Incentive Agreement with Candid Care Co. for certain modifications to the agreement requested in writing by the company and or the City and deemed appropriate by the Director of Development with these modifications being specifically limited to reductions in length of term, methods of calculating the incentive, or adding or deleting business entities associated with the employment commitments related to this incentive. All other requested amendments must be approved by City Council.
SECTION 5. That this ordinance shall take effect and be in force from and after the earliest period allowed by law.