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File #: 0750-2021    Version: 1
Type: Ordinance Status: Passed
File created: 3/18/2021 In control: Economic Development Committee
On agenda: 4/5/2021 Final action: 4/9/2021
Title: To authorize the Director of the Department of Development to enter into a dual-rate Jobs Growth Incentive Agreement with Goosehead Insurance Agency, LLC for a term of up to six (6) consecutive years in consideration of the company’s proposed capital investment of $1,335,000.00 and creation of 60 net new full-time permanent positions with an estimated annual payroll of approximately $4,600,000.00.
Attachments: 1. ORD0750-2021 Goosehead JGI - Site Map, 2. ORD0750-2021 Goosehead JGI - Fact Sheet (TB mkm)
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a dual-rate Jobs Growth Incentive Agreement with Goosehead Insurance Agency, LLC 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 six (6) consecutive years.

Founded in 2003, Goosehead Insurance Agency, LLC (“Goosehead”) is a rapidly growing independent insurance agency, reinventing the traditional approach to distributing personal lines policies throughout the United States. Their differentiated business model and innovative technology platform, have enabled them to deliver insurance customers a superior experience. The Company is experiencing rapid business growth for its personal lines of insurance across the U.S., and the project involves the creation of a national sales center that will secure and serve customer needs using an advanced proprietary technology platform. The project will be dedicated to commercial loan production in new markets for the company.

Goosehead is proposing to invest approximately $180,000 in machinery and equipment, $825,000 in leasehold improvements and $330,000 in furniture and fixtures to expand operations at 4131 Worth Avenue, Columbus, Ohio 43219, parcel number 010-298178. Additionally, Goosehead will create 60 new full-time permanent positions with a cumulative estimated annual payroll of approximately $4,600,000 to support its growth. Goosehead is requesting a dual-rate Jobs Growth Incentive from the City of Columbus to assist with this expansion project. 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 ...

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