(Dublin, Ohio) – Dublin City Council will review a new proposed economic development agreement for Dublin-based Everhart Advisors seeking to build a new corporate headquarters in Dublin. Everhart Advisors is an independent investment-consulting firm.
Earlier this year, Everhart Advisors identified four, contiguous small properties located at the intersection of Post Road and Perimeter Drive for their new headquarters. Dublin City Council approved an economic development agreement that included a transfer of city-owned land to Everhart for their new construction valued at $37,500. After further due diligence the company decided to explore alternative sites for their new headquarters, both within and outside the Dublin corporation limits.
Everhart’s proposed new corporate headquarters will be approximately 10,000 square feet. The company currently leases 3,300 square feet at 5890 Venture Drive.
“The construction of a new corporate headquarters facility demonstrates Everhart’s long-term commitment to Dublin,” said Economic Development Administrator Jeremiah Gracia. The company currently has 15 employees and expects to grow to 25+ employees by 2019.
Gracia said the Economic Development staff assisted Everhart with their search in Dublin identifying a 1.86 acre parcel located off the east side of Commerce Parkway and the north side of Emerald Parkway – adjacent to Delta Energy, LLC. The property is currently owned by the City of Dublin and zoned for suburban office/institutional use.
Everhart Financial Chief Operating Officer Matt Romeo said, “We looked at other locations, but ultimately determined that our home is Dublin. We feel Dublin is a wonderful place to live and raise a family and has an exciting business community which makes staying in Dublin attractive to us long term. Dublin has a unique culture that we think fits very well with our brand and who we are as an organization. The Economic Development team has been extremely helpful in moving this project along efficiently.
The new proposed economic development agreement includes selling the entire 1.86 acre parcel to Everhart Advisors. The purchase price is $187,000 less the City’s previous location grant (economic development agreement approved by Dublin City Council on February 10, 2014) of $37,500 for a net sale price of $149,500. In addition, the City is also offering a withholdings performance incentive for 2014-2016 capped at $5,000 per year for the term of the agreement. The City estimates it would net approximately $225,000 in income tax withholdings over the agreement’s three-year term should the company grow according to expectations.
Council will vote on the economic development agreement at the second reading on May 19.
For more information on the proposed EDAs and full ordinances – go to: http://dublinohiousa.gov/dev/dev/wp-content/uploads/2014/05/Ord-38-14.pdf
Media contact: Sue Burness, City of Dublin Public Affairs Officer
Twitter/@sueburness @DublinOhio www.DublinOhioUSA.gov