As Rocket Mortgage ramps up hiring in downtown Cleveland, with the goal of adding 700 jobs over the next five years, the Detroit-based lender will take advantage of a state tax credit tied to new employment.
On Monday, Feb. 22, the Ohio Tax Credit Authority approved a 2.211%, 10-year job-creation tax credit for Rocket, the mortgage giant formerly known as Quicken Loans. The clock on the incentive deal is retroactive to Jan. 1 of this year and will run through 2030.
The estimated value of the credit is $9.6 million, a spokeswoman for the Ohio Development Services Agency wrote in an email. But the ultimate dollar amount will depend on hiring and payroll at Rocket's mortgage banking hub in the Higbee Building, just off Public Square.
Stephen Caviness, a director of project management for regional economic development group Team NEO, told the five-member tax credit board that Rocket will retain 721 jobs and $94.1 million in payroll at the site.
The company has committed to adding 630 jobs and $47.3 million in payroll. As part of the tax-credit agreement, Rocket must maintain operations at the Higbee Building for at least 13 years, according to a project description provided by the development services agency.
Crain's first reported in January on Rocket's plans to double its headcount in the city. In early February, Cleveland City Council approved a five-year job-creation grant for the company, equal to 0.5% of new payroll. That grant has a maximum value of $975,000.
Rocket also has been in talks with JobsOhio, the private, nonprofit statewide economic development corporation. JobsOhio typically does not disclose details of its incentive agreements until after the deals have been signed.
The Greater Cleveland Partnership and Team NEO worked with city and state officials to secure the expansion, which could have occurred in Rocket's home city, in Phoenix or at scattered, remote sites.
"In response to the pandemic, we have seen firsthand that our team members can successfully work from anywhere," said Mike Malloy, Rocket's chief amazement officer — the company's top human resources executive — in a news release. "That fact makes this partnership even more significant."
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February 23, 2021 at 01:23AM
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Rocket Mortgage lands state job-creation tax credit for major expansion in Cleveland - Crain's Cleveland Business
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