Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Columbus Downtown Office Incentive Agreement with Lancaster Pollard Holdings, Inc., Lancaster Pollard & Co., Lancaster Pollard Mortgage Company and Lancaster Pollard Investment Advisory Group collectively known and referred to as “Lancaster Pollard”.
Lancaster Pollard is an independent investment banking firm formed in 1988 that assists health care, senior living and affordable housing organizations to expand their services by providing financial advice and solutions. Lancaster Pollard Holdings, Inc. acts as the parent company that consists and operates under three separate entities. Lancaster Pollard & Co. provides investment banking and consulting services, Lancaster Pollard Mortgage Company underwrites and services mortgage loans insured or guaranteed by governmental agencies and government sponsored entities and Lancaster Pollard Investment Advisory Group is an investment advisor for nonprofit organizations. The company was named for its founders, T. Brian Pollard and Marc Lancaster, and is headquartered in downtown Columbus with regional banking offices in Atlanta, Austin, Kansas City, Los Angeles and Philadelphia.
Lancaster Pollard is proposing to expand its corporate headquarters and workforce in the downtown business district by entering into a 7-year lease agreement and increasing its office presence by 5,150 square feet. The company will invest approximately $266,000 in lease-hold improvements, including machinery, equipment, furniture and fixtures, retain sixteen (16) full-time jobs and create thirty-three (33) new full-time permanent positions with an annual payroll totaling approximately $2.23 million. The Development Department recommends granting a 50%/5-year Columbus Downtown Office Incentive to Lancaster Pollard.
This legislation is presented as an emergency measure in order to allow the company to begin renovations of its corporate headquarters and ...
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