Grandview Heights City Council on May 21 held a first reading of an ordinance to approve a development and incentive agreement with 2Checkout.com.

Grandview Heights City Council on May 21 held a first reading of an ordinance to approve a development and incentive agreement with 2Checkout.com.

The company, which provides companies with an online payment-processing service, plans to move into a portion of the building at 855 Grandview Ave. Its office currently is on O'Brien Road in Columbus, near Westbelt Drive and Interstate 270.

Under the proposed 10-year agreement, the city would make a payment to the company in any year it provides at least $237,500 in income-tax revenue.

For the first five years of the agreement, beginning Jan. 1, 2013, the company would receive 75 percent of the income-tax payments above the $237,500 threshold. For the following two years, beginning Jan. 1, 2018, the company would receive 50 percent of the income-tax payments above the threshold. For the final three years of the agreement, the rebate would be for 25 percent.

The company currently has about 100 employees and expects to add another 60 employees over the next few years, Mayor Ray DeGraw told council.

The company expects to spend $800,000 to more than $1 million in expenses to move, mostly because of the cost of constructing a data center for its operations and to improve and lease additional space for its expanded workforce.

The tax incentive would be for the expansion costs and not the number of employees the firm will bring to the city, DeGraw said.

The ordinance was assigned to council's economic development committee.

Read the May 24 edition of ThisWeek for more council coverage.