New Albany Village Council has this week approved a resolution to enter into an economic-development incentive agreement with Residential Finance Corporation, a mortgage lender company owned by two New Albany residents.
The incentive is a great boost to the local economy as the company is expected to employ around 175 people when it moves into its new offices June 1st. The company are interested in moving into the Water’s Edge campus in the village’s business park. (Note – For information on Mortgage Terminology see our post!)
The incentive details are a five-year, 7-percent tax abatement based on income-tax revenue that would start at $192,500. When the company reaches income-tax revenue of $300,000, the abatement would be increased to 10 percent. The abatement would cap at 15 percent when the company produces income-tax revenues of $385,000.
Despite the world economy, the company which was founded in the 90’s had its best year in 2008. With a great local economy, high standard of living, it is no wonder businesses and their employees want to live and work in New Albany, including Nationwide, Abercrombie & Fitch, The Limited etc.
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417