Company Takes Tax Incentives to Grow in Crestview Hills, Leave Covington
It will be staying in the county but GreenSky will be vacating its downtown Covington office in order to grow in Crestview Hills instead.
The point-of-sale and credit processing firm will more than triple its current work force to 200 in a new facility on Chancellor Drive near Thomas More College, Governor Steve Beshear announced Thursday.
The company was approved for up to $2 million in tax incentives from the Kentucky Development Finance Authority and will invest $7 million and grow its workforce over the next several years.
“We are pleased to expand our operations in this location,” said Gene Burke, chief operating officer at GreenSky, in a statement. “As we continue to grow our company, the talent available in this region combined with a business-friendly environment enables us to focus on our core mission – to help small businesses owners increase their sales with fast, frictionless, and flexible payment and credit solutions.”
The move takes more than five dozen jobs out of downtown Covington, a city that is still trying to recover financially from the hundreds of jobs lost when Omnicare and AC Nielsen bolted to Cincinnati, who, like GreenSky, accepted generous tax incentives from Ohio and the city.
Though some progress downtown has been realized with the addition of new apartments, a popular new brewery, and lots of construction work on forthcoming projects, Covington's shaky financial condition was realized later Thursday when austerity measures continued through the adoption of a new budget that reduced daily staffing in the fire department.
"It's certainly a reason to be conservative in our payroll tax revenue project," City Manager Larry Klein told The River City News in an email.
Other local leaders welcomed the news on Thursday in an news release issued by the Governor's office.
GreenSky’s growth and expansion in Northern Kentucky is evidence of our region’s strong workforce,” said Sen. Chris McDaniel (R-Taylor Mill). “Thank you to the company’s leaders for deciding to stay and create new jobs in northern Kentucky.”
“I welcome the expansion of GreenSky in Northern Kentucky and congratulate the company on its success,” said Rep. Diane St. Onge (R-Lakeside Park). “The 200 new Kentucky jobs being created are an exciting and promising development for the entire region.”
“We’re excited to welcome GreenSky to Crestview Hills,” said Crestview Hills Mayor Paul Meier. “Our city’s diverse landscape offers strong assets for employers, and we are thrilled that GreenSky has elected to stay in Northern Kentucky and will be a part of our active business sector.”
“I thank GreenSky for continuing its growth in northern Kentucky and expanding and creating new jobs in Kenton County,” said Kenton County Judge-Executive and Tri-ED Board Chair Kris Knochelmann. “Northern Kentucky Tri-ED has built a strong financial services sector in the region with many leading companies employing thousands of residents.”