CLEVELAND, Ohio – The city council on Wednesday passed legislation granting Quicken Loans LLC a job creation grant of up to $ 975,000 to help expand the company’s operations in Cleveland.
The credit giant, now acting as Rocket Mortgage, plans to create 700 jobs by the end of 2024 by expanding to the floors above the JACK Cleveland Casino in the Higbee building on Public Square.
The new jobs would add about $ 52.5 million in payroll with an average wage of about $ 75,000, according to Mayor Frank Jackson’s administration. That would earn Cleveland more than $ 14.8 million in income tax annually.
Cavaliers owner Dan Gilbert had owned both Rocket Mortgage and the JACK but sold the casino to a management company last month. The Cleveland Jewish News reported. It is not immediately clear if the sale includes the Higbee building.
Rocket Mortgage already employs around 500 people in Cleveland.
The legislation that awards the incentive package is reviewed by the city council committees before being put to the full city council for a vote.
Quicken Loans is also working with JobsOhio, the state’s privatized development arm, on another incentive package, but the terms of that deal have not yet been set, JobsOhio spokesman Matt Englehart said.
The company is also partnering with OhioMeansJobs, the state employment training branch, to expand the workforce.
The Jackson government said the company is expected to create 180 jobs this year, 210 in 2022, 240 in 2023, and the final 70 in 2024.
The company did not immediately respond to a request for comment.
The expansion is the third major expansion of downtown jobs on the horizon.
Sherwin Williams Co. confirmed its plan in September to build a new headquarters on the west side of the public square and maintain 3,100 jobs with the expectation that more – perhaps hundreds – will be added.
The completion of the $ 300 million headquarters is expected in 2024.
Additionally, CrossCountry Mortgage intends to move its headquarters to Cleveland on the edge of downtown near Cleveland State University.
This project involves the redevelopment of a block of land between East 21st Street and East 22nd Street. The company expects it will initially have at least 400 jobs, but will eventually have 700 on-site employees.
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