CrossCountry Mortgage's planned headquarters move from the suburbs to Cleveland's Superior Arts District got a boost Monday, Jan. 25, in the form of tax credits tied to growing employment.
The Ohio Tax Credit Authority approved an eight-year, 1.655% job creation tax credit for CrossCountry, which is currently based in Brecksville. The fast-growing mortgage lender is plotting a move to the eastern edge of downtown, where a cluster of vacant, historic buildings are slated to become new offices, a call center and training facilities.
Ohio has been vying against Illinois for the project, Camille Billups, a project manager with regional economic development nonprofit Team NEO, told the authority's members during a virtual meeting. She described the tax credit as "a major factor" in CrossCountry's decision to stay in the Buckeye State.
The headquarters deal is projected to keep 446 jobs in Ohio and create 180, generating $9 million in new payroll. The deal also involves an anticipated $32 million worth of investments in building improvements, Billups said.
The tax credit will begin this year and run through 2028. It's worth an estimated $1.1 million, a spokeswoman for the Ohio Development Services Agency wrote in an email.
Cleveland City Council signed off last year on incentives for the relocation, including a job creation incentive grant based on CrossCountry's payroll. That grant will be worth up to $1.15 million over five years.
A grant payout schedule attached to the city's legislation predicted that CrossCountry could employ 750 people at Superior Avenue and East 22nd Street by the end of that five-year term.
The city also offered CrossCountry a $750,000 construction loan, which will be forgiven after five years if the company has at least 400 jobs in Cleveland, and a 30-year tax-increment financing arrangement, through which some of the new property tax revenues generated by the headquarters project will be redirected to paying off construction costs.
CrossCountry's looming move already is having ripple effects in the Superior Arts District, prompting developers to tie up nearby buildings for apartment conversions and other projects.
"creation" - Google News
January 25, 2021 at 11:35PM
https://ift.tt/369uiJK
CrossCountry Mortgage HQ project in Cleveland lands job-creation tax credit - Crain's Cleveland Business
"creation" - Google News
https://ift.tt/39MUE4f
https://ift.tt/3bZVhYX
Bagikan Berita Ini
0 Response to "CrossCountry Mortgage HQ project in Cleveland lands job-creation tax credit - Crain's Cleveland Business"
Post a Comment