Dublin Villager

Pact paves way for Everhart Advisors headquarters

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A Dublin-based financial group plans to remain in the city and build its headquarters on Commerce Parkway.

Dublin City Council last week heard the first reading of an economic development agreement with Everhart Advisors that will supersede incentives approved in February.

"This is an amended economic development agreement," Jeremiah Gracia, a Dublin economic development administrator, told council May 5.

"They decided on an alternative site."

Everhart Financial, an independent investment-consulting firm, currently leases 3,300 square feet on Venture Drive, but in February decided to build a headquarters on four neighboring properties at the corner of Post Road and Perimeter Drive.

The company currently has 15 employees but plans to grow to more than 25 by 2019.

"After continued real estate purchase negotiations, the company decided to explore alternative sites for their new construction both within and outside Dublin corporation limits," the staff report to council stated.

City staff identified a city-owned site on the east side of Commerce Parkway beside the Delta Energy headquarters for Everhart Advisors.

Per the new proposed economic development agreement, the 1.86-acre city-owned site will be sold to Everhart Advisors for $187,000, although $37,500 will be subtracted from the cost of the land for a location grant Dublin is giving the company.

The net sale of the land will be $149,500.

The proposed incentives also include a performance incentive on income tax withholdings capped at $5,000 annually for 2014 to 2016.

In return, Everhart Advisors must build a 10,000-square-foot headquarters at the 1.86-acre site on Commerce Parkway.

Over the term of the agreement, Dublin plans to collect about $225,000 in income tax withholdings from the company.

Dublin City Council members are expected to vote on the new incentives for Everhart Advisors at their May 19 meeting.

"I'm glad that they continue to want their corporate headquarters in Dublin," said Marilee Chinnici-Zuercher, a Dublin councilwoman.

"I think this is a better site."

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