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File #: 0557-2020    Version: 1
Type: Ordinance Status: Passed
File created: 2/25/2020 In control: Economic Development Committee
On agenda: 3/16/2020 Final action: 3/19/2020
Title: To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Xariable, Inc., dba Loop Returns, for a term of up to three (3) consecutive years in consideration of the company’s proposed capital investment of $200,000.00 and creation of 40 net new full-time permanent positions with an estimated payroll of approximately $3,400,000.00.
Attachments: 1. ORD0557-2020 Loop - JGI Fact Sheet, 2. ORD0557-2020 Loop - JGI Site Map
Explanation
BACKGROUND: The Columbus Department of Development is proposing a Jobs Growth Incentive Agreement with Xariable, Inc., dba Loop Returns.

Founded in 2016, and headquartered in Columbus, Ohio, Xariable, Inc., dba Loop Returns (“Loop”), is a computer software company specializing in the returns and exchanges of retail merchandise. To date, the company’s product has processed more than two million returns for 200 of its own customers. Clients include Brooklinen, Allbirds, PuraVida, Shopify, and more. Loop provides complete returns automation, new product exchanges, and a fully-customized portal which simplifies the returns process for their client’s support team and customers.

Loop is proposing to invest a total project cost of approximately $200,000 to build out their corporate headquarters, which includes $175,000 in leasehold improvements and $25,000 in furniture and fixtures to renovate an approximately 7,350 square-foot office space at 797 N. Wall St., Columbus, Ohio 43215, parcel number 010-009149 (“Project Site”), to accommodate its increased sales growth and to meet its consumer demands. The company will create 40 net new full-time permanent positions with an annual payroll of $3,400,000 and retain 14 full-time permanent positions with an annual payroll of $1,156,999 at the Project Site.

This legislation is presented as 30-day legislation.

FISCAL IMPACT:

No funding is required for this legislation

Title
To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Xariable, Inc., dba Loop Returns, for a term of up to three (3) consecutive years in consideration of the company’s proposed capital investment of $200,000.00 and creation of 40 net new full-time permanent positions with an estimated payroll of approximately $3,400,000.00.

Body
WHEREAS, the City desires to increase employment opportunities and encourage the creation of new jobs in the City in order to improve the o...

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