Residential Finance Corp. has rejected the village's incentive package for New Albany's Water's Edge building in the business park.

Residential Finance Corp. has rejected the village's incentive package for New Albany's Water's Edge building in the business park.

RFC vice president David Stein, a New Albany resident, said his financial-services company is going to stay at its current location in the downtown Columbus arena district, saying the economy has slowed the company's projected growth.

ThisWeek reported in January that RFC had expected to add 250 employees by the end of 2010.

"We are still very interested in New Albany and the Water's Edge building," he said. "But the growth we were planning on in 2009 has been slower than we have envisioned."

Village council members in January approved the national residential mortgage lender's incentive package, which included a five-year, 7-percent tax abatement based on income-tax revenue that would start at $192,500.

At the time, council noted RFC would generate $1.5-million for the New Albany-Plain Local School District and provide $2.7-million for the village over the 12-year lease.

-- Gail Martineau