Explanation
BACKGROUND: The Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Residential Finance Corporation equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term of five (5) years. Residential Finance Corporation will make an investment of approximately $2.5 million, including $1.2 million in lease-hold improvements, $300,000 in machinery and equipment, $1.0 million in furniture and fixtures, and create 100 new full-time permanent positions and retain 142 existing jobs in the City of Columbus.
Residential Finance Corporation was founded in 1997 by Michael A. Isaacs and David K. Stein, headquartered in the Arena District in downtown Columbus. Residential Finance Corporation is a mortgage lending firm licensed in 33 states including Washington, DC. The company offers a wide range of loan programs, including Federal Housing Administration (FHA) loans, home equity lines of credit, second mortgages, fixed rate and adjustable rate mortgages. Residential Finance Corporation is a Better Business Bureau (BBB) certified firm and offers Equal Housing Opportunity. In 2009, the company received the American Business Award for Sales Department of the Year.
Residential Finance Corporation is proposing to expand its corporate headquarters by moving from a 22,000 square foot office space to a 39,000 square foot office space. The company will enter into a long-term lease agreement on a vacant commercial building located at One Easton Oval to expand its operation, to meet its increased growth and consumer demand.
FISCAL IMPACT: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with Residential Finance Corporation equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term of five (5) years in consideration of the company...
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