The Westfield City Council has successfully attracted Carrington Mortgage Services to the city along with 180 jobs and potential for another 360. The economic impact of those jobs is more than $30 million in annual salaries without benefits. On Sept. 22, the Westfield City Council approved a five-year, 100 percent personal property tax abatement for Carrington Mortgage as part of its incentive.
Background – Earlier this month, Carrington Mortgage Services, LLC, a mortgage origination and servicing company, announced plans to expand its operations in Central Indiana. The business will move into the longtime vacant home of former Verizon headquarters, 19845 U.S. 31 North. The Santa Ana, Calif.-headquartered company, which is a subsidiary of Carrington Holding Company, LLC, will invest $3.17 million to renovate and the 77,000 square-foot facility in Westfield. The planned facility, which will be operational by the end of this year, will provide growth opportunities for the company’s origination and servicing departments.
What it means for Carrington Mortgage? For each of the five years, 100 percent of the personal property taxes assessed on the property will be abated. The total investment in personal property for new IT equipment is $1.128 million.
What it means for Westfield? Carrington Mortgage plans to relocate approximately 180 individuals to Westfield with aggregate annual salaries totaling $11.232 million. The company also plans to hire 360 new individuals through 2019. Officials said the average wage is $26 per hour without benefits and a combined annual salary of approximately $19.5 million. No new infrastructure is expected to be installed using taxpayers funds.
Other benefits for Carrington – The Indiana Economic Development Corporation offered Carrington Mortgage Services up to $3.65 million in conditional tax credits based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives.
What’s next? This resolution is in effect immediately from its adoption on Sept. 22.