The approval extends the length of the PIRA through 2019 and provides the consumer branding company with incentives to build a 250,000-square-foot, $36 million office building for the company's 450 employees.
DunnhumbyUSA plans to add an additional 550 jobs by 2014. The annual incentive payments will be limited to 75 percent of new income tax revenues generated by the jobs, and, following the expansion, the City expects to receive $1.25 million in additional individual earnings tax receipts.
The original ten-year PIRA was approved in 2003, when dunnhumbyUSA opened its U.S. headquarters at 302 W Third Street.
In September 2009, the rapidly-growing company moved its 300 employees to The Offices at 444 West Third Street, taking advantage of a job creation tax credit, a 12-year tax abatement, and lease agreements for employee parking.
DunnhumbyUSA's move puts it closer to Kroger and Macy's, two of its top clients. The company also feared it might lose its current headquarters when construction of the Brent Spence Bridge project commences.
Previous reading on BC:
dunnhumbyUSA unveils new Downtown HQ (9/30/09)
Lease would provide better access for dunnhumbyUSA parking (8/3/09)
Additional parking OK'd for dunnhumbyUSA expansion (6/25/09)
Lease, parking agreement could aid dunnhumbyUSA expansion (5/21/09)
$300K approved for Fifth and Race (11/11/08)
