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File #: 0371-2017    Version: 1
Type: Ordinance Status: Passed
File created: 2/7/2017 In control: Economic Development Committee
On agenda: 3/13/2017 Final action: 3/16/2017
Title: To authorize the Director of the Department of Development to enter into a Jobs Growth Incentive Agreement with Primero Home Loans, LLC, dba Primero, equal to twenty-five percent (25%) of the amount of new income tax withheld on employees for a term up to five (5) years in consideration of the company’s proposed investment of $50,000.00 and the creation of 35 new full-time permanent positions. AMENDED BY ORD. 0934-2017 PASSED 4/17/2017
Attachments: 1. ORD0371-2017 Primero - JGI Fact Sheet, 2. ORD0371-2017 Primero - Project Site Map
Explanation
BACKGROUND: The Columbus Department of Development is proposing to enter into a Jobs Growth Incentive Agreement with Primero Home Loans, LLC dba Primero equal to twenty-five percent (25%) of the amount of personal income tax withheld on new employees for a term up to five (5) years for the purposes of job creation and employment opportunities for the citizens of Columbus.

Primero Home Loans, LLC (Primero) is a privately-owned mortgage banking company headquartered in the Powell, Ohio area that focuses exclusively on home purchase mortgage lending. Founded in 2005, the company has a proven reputation for excellent service and impeccable loan quality. In 2015, Primero closed over $1 billion in mortgage loans. In early 2015, Primero was purchased by a group of senior executives of Keller Williams Realty International, currently the largest real estate brokerage firm by agent count in the U.S.

Primero has outgrown its current office space and is proposing to invest approximately $50,000 in furniture and fixtures to expand and relocate its corporate headquarters from Liberty Township to the City of Columbus. The company proposes to enter into a lease agreement on a vacant commercial office space consisting of approximately 23,000 +/- sq. ft. at 4700 Lakehurst Court, Columbus, Ohio 43016. In addition, Primero will create 35 new full-time permanent positions with an estimated annual payroll of approximately $2.1 million, retain and relocate 70 full-time jobs with an annual payroll of approximately $7.0 million from Liberty Township to Columbus, which will be new jobs and income tax revenue to the City.

Primero Home Loans, LLC is Joseph T. Ryerson & Son, Inc. is requesting a Jobs Growth Incentive from the City of Columbus to assist in the expansion of this project. This legislation is presented as 30 day legislation.

Fiscal Impact No funding is required for this legislation.

Title
To authorize the Director of the Department of Development ...

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