inSITE Advisory Group is so proud that through our collaboration with all the partners involved, this new project has received the tax credits that are instrumental in this type of new development.
CBIZ Inc. received approval from the Ohio Tax Credit Authority on its tax credit application for the planned new headquarters building in Independence, Ohio.
The tax credits seek to reward CBIZ with a 2.04%, 8-year tax credit for the creation of $3 million in new annual payroll as a result of the move to Independence from Cleveland.
As part of the agreement, CBIZ must stay at the new location for at least 11 years. The credits are estimated at a value of $450,000, according to the Ohio Development Services Agency.
“We don’t just see this project as a win for us, but also for the city;’ said Don Taylor, CEO and president of Welty Building Co., the construction management company contracted for the project. “It’s been some time since there’s been a new office building in Independence.”
inSITE Advisory Group LLC, a regional economic consulting firm, also worked with CBIZ on the tax credit application. “This is a catalytic project for Independence;’ said Jennifer Syx, president of inSITE. “It would retain hundreds of jobs right here in Ohio:’
CBIZ expects to retain $34 million in existing payroll by Dec. 31, 2024, at the location. It would become the first new HQ building in Independence in more than a decade.
“There’s a lot of angst and a lot of people trying to understand this post-pandemic world;” Taylor said. ”We’re trying to create a high-efficiency space that can be adaptable to change.”
Construction on the building will begin with a public groundbreaking ceremony held on Aug. 17 at the site of the new building, which will be located on the east side of Rockside Woods Boulevard North across from the Embassy Suites hotel.
Author: Kevin Smith