Ohio Gives Rocket Mortgage Tax Relief for Cleveland Loan Company’s Expansion Plans

CLEVELAND, Ohio – An Ohio board of directors on Monday approved a tax credit worth up to $ 9.6 million for plans by mortgage lender Rocket Mortgage to create hundreds of full-time jobs in Cleveland.

The state tax credit authority approved the 2.2% 10-year tax credit for the Detroit-based business to create new jobs – which will add $ 47.3 million to the company’s new annual payroll – and retain the 721 employees who already work there. make a total of $ 94 million per year.

The company must create 630 new jobs by the end of 2023 and maintain operations in Cleveland for at least 13 years to receive the full incentive, according to a document from the Ohio Development Services Agency. A press release from the Greater Cleveland Partnership and TeamNEO said the new jobs will be primarily mortgage bankers.

Rocket Mortgage, which is owned by Cavaliers owner Dan Gilbert and is now the namesake of the downtown basketball team arena, previously announced plans to add 700 jobs by the end of 2024 by extending into the floors above the JACK Cleveland Casino in the Higbee off-public Square building.

Ohio Lt. Gov. Jon Husted told a virtual press conference Monday that Rocket Mortgage, which is under the umbrella of Quicken Loans, chose Cleveland over Detroit and Phoenix for the location of the new jobs. .

Cleveland City Council previously agreed to provide the company with a job creation grant of up to $ 975,000 for the expansion plan. The city expects to receive more than $ 1.31 million per year in income taxes from new jobs.

Rocket Mortgage is also in talks with JobsOhio, the state’s private development arm, for another incentive program. The terms of this agreement have not been finalized.

The company is also working with OhioMeansJobs, the state’s employment training arm, to expand the workforce.

“Through this partnership, we are strengthening our commitment to the state and providing well-paying jobs for the Clevelanders,” said Mike Malloy, Human Resources Manager, Rocket Mortgage. “In response to the pandemic, we have seen first-hand that our team members can work successfully from anywhere. This fact makes this partnership even more important.

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