The Residential Finance Corp. likely will join the New Albany business park later this year.

The Residential Finance Corp. likely will join the New Albany business park later this year.

The financial-services company, which two New Albany residents own, is looking to move into the Water's Edge campus in the village's business park in June to expand its lending firm.

According to New Albany Village Council's Jan. 20 resolution, the national residential mortgage lender initially would bring 175 jobs, generating $4.2-million in tax revenues -- $1.5-million for the New Albany-Plain Local School District and $2.7-million for the village -- over the 12-year lease. The owners expect to sign with the Daimler Group within the next month.

David Stein, a co-owner and the vice president of RFC, said the company potentially could grow to 250 employees by the end of 2010.

The incentive council approved last week is a five-year, 7-percent tax abatement based on income-tax revenue that would start at $192,500. When the company reaches income-tax revenue of $300,000, the abatement would be increased to 10 percent. The abatement would cap at 15 percent when the company produces income-tax revenues of $385,000.

Jennifer Chrysler, village community-development director, said the owners looked at New Albany because they were outgrowing their current facility in the Arena District in downtown Columbus.

Chrysler said she thinks the RFC would fit in with the other businesses in the New Albany business park.

"They fit into the financial-services cluster," she said. "We think that makes stronger, more sustainable businesses when you locate near other like uses. We think that is a good fit for them and a good fit for the community."

Stein said he is excited to move his business to New Albany, but said his status as a resident was not a huge factor in the choice.

"We chose New Albany to relocate because of the community's commitment to excellence," he said. "The site plan gives us room for expansion and growth for many years. We think it's a great place to grow a business."

Stein said his company, which also has a location in Tampa, Fla., had one of its best financial years in 2008 despite the current housing market.

"We spent many years laying the groundwork for expansion, and we kind of wanted to measure where the markets were as the industry went through its own pains," Stein said. "We think the time is right for expansion and growth. Mortgage applications are way up."

He said RFC is waiting to finalize the lease with Daimler and receive word from the Ohio Department of Development about abatements.

"If we can't work out the right deal with the Ohio Department of Development, we would expand in our Florida operation instead of Ohio," Stein said. "We have room for immediate expansion."

He said he believes everything will work out for the move to New Albany, saying it would benefit both his company and the community.

"We are excited about growing in New Albany because of what's happening in that business quarter," Stein said. "Benefiting the school district is a nice icing."