Explanation
BACKGROUND: The need exists to enter into a Job Creation Tax Credit Agreement with BBI Logistics, LLC (“BBI Logistics”). 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.
BBI Logistics was established in 2017 as a freight brokerage firm specializing in handling full truck load shipments while also dealing with a variety of other services such as, LTL, intermodal, specialized equipment, and expediting shipments. The first employees ran all operations from a small startup office at Easton Town Center in Columbus, OH, and have grown to closing 2021 with $150 million in revenue and more than 150 employees as well as expanding into an office in Tampa, Florida that currently has 30 employees.
BBI Logistics is proposing to invest a total capital expenditure of approximately $56,527,136, which includes $4,451,532 in acquisition costs, $32,809,254 in new construction, $4,000,000 in machinery and equipment, $4,800,000 in furniture and fixtures, $4,500,000 in computers and $5,966,350 in leasehold improvements to create a new corporate headquarters (“HQ”) in the Arena District. The proposed HQ will be located at 600 W. Nationwide Boulevard, Columbus, Ohio 43215, parcel number 010-301902 though operations will remain at 80 E. Rich Street, Suite 200, Columbus, Ohio 43215, parcel number 010-296465 during construction (both addresses are the “Project Site”). Additionally, BBI Logistics proposes to create approximately 953 net new full-time permanent positions with an annual payroll of approximately $80,577,408 over the full ten (10) year term of the incentive and retain 175 full-time positions with an annual payroll of approximately $12,867,400 at the Project Site.
BBI Logistics is requesting from the City of Columbus, a Job Creation Tax Credit to assist in the development o...
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