New Albany City Council on Tuesday, Nov. 13, unanimously approved a five-year, job-creation tax credit for iQor, a company that plans to bring 800 jobs to New Albany.
The value of the incentive is estimated at $60,000 to $70,000, according to Jennifer Chrysler, New Albany’s community development director.
IQor, which handles business processes, customer-service contacts, collections and outsourcing, currently has 500 employees on 3000 Corporate Exchange Drive in Columbus.
The company plans to move into the one-story New Albany Center of Technology building on West Campus Road, built by the Daimler Group and the New Albany Co.
Chrysler said the building already carries an approved 100-percent, 15-year tax abatement for the tenant.
Chrysler said when iQor has all of its 800 jobs in New Albany, the company will have an estimated $20 million payroll that will generate $140,000 in income-tax revenue for the city, $140,000 for the New Albany-Plain Local School District and $105,000 for the New Albany Community Authority.
New Albany has an income-tax revenue-sharing agreement with local school districts. The community authority will use its share to pay debt incurred to build infrastructure for the city’s business parks.