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Springfield City Commission Approves EF Hutton Tax Incentives

Two EF Hutton directors, and one former director, stand in front of the company's new headquarters in downtown Springfield in 2016.
Dan Gummel
/
WYSO

Springfield City Commissioners voted Tuesday evening to approve a large tax-incentive program for its newest corporate resident, EF Hutton. 

The financial industry giant moved its headquarters to the city earlier this year, promising Springfield officials it will bring more than 400 jobs to the city over the next five years. The company estimates the hiring would amount to more than $24 million in annual wages to Springfield employees.

Springfield would return half that money back to EF Hutton -- if the investment firm meets its employment goals. The incentive deal approved by city commissioners could amount to more than $235,000 dollars a year for EF Hutton for the next seven years.

Assistant City Manager Bryan Heck says the agreement is performance-based. He’s hopeful EF Hutton will meet its hiring goals and help keep much-needed business activity in downtown Springfield. "How the employment incentive agreement works, the company only benefits if they add the jobs they say their going to add.  It's a sharing of the income tax. If they don't generate the jobs, then they don't see a benefit because they aren't generating income tax." The city of Springfield is facing cuts in police, fire and emergency medical services after voters rejected an income-tax increase in November.

Jerry Kenney was introduced to WYSO by a friend and within a year of first tuning in became an avid listener and supporter. He began volunteering at the station in 1991 and began hosting Alpha Rhythms in February of 1992. Jerry joined the WYSO staff in 2007 as a host of All Things Considered and soon transitioned into hosting Morning Edition. In addition to now hosting All Things Considered, Jerry is the host and producer of WYSO Weekend, WYSO's weekly news and arts magazine. He has also produced several radio dramas for WYSO in collaboration with local theater companies. Jerry has won several Ohio AP awards as well as an award from PRINDI for his work with the WYSO news department. Jerry says that the best part of his job is being able to talk to people in the community and share their experiences with WYSO listeners.