Company to Expand at RiverCenter, Add 83 Jobs in Covington
A Covington-based company is expanding from its Fifth Street headquarters into the RiverCenter towers and plans to add 83 jobs in the process, the Office of Governor Andy Beshear announced on Thursday.
STEP CG is a nationwide technology engineering firm and is investing $5.3 million into the new expansion following preliminary approval of state incentives by the Kentucky Economic Development Finance Authority on Thursday.
“Our state is home to some of the most committed, skilled workers in the nation, and I am thrilled STEP CG will create even more jobs for Kentucky’s dedicated workforce,” Gov. Beshear said in a news release. “We are fortunate to have a company like STEP CG headquartered in the commonwealth, and I look forward to even more growth for the company in the future.”
The company will occupy 7,000 sq. ft. inside 50 West RiverCenter Blvd., including an executive brifing center to showcase IT services for clients, training opportunities for engineers, and a collaborative working space, the announcement said.
“This project will allow us to retain and continue to grow the most talented team in the industry, who are constantly innovating and delivering next-generation technology solutions for our customers,” said Rob Huff, STEP CG founder and president. “We are especially pleased to partner with the commonwealth of Kentucky, the city of Covington, Kenton County, Corporex, Northern Kentucky Tri-ED and many others in Northern Kentucky and Greater Cincinnati on this pivotal move for our young company.”
STEP CG provides expertise in networking, voice, security and professional services. The company services a range of industries that includes health care, education, manufacturing, financial, retail, legal, government and service providers. The company has been headquartered in Northern Kentucky since 2015.
“I would like to extend my gratitude to STEP CG for their continued investment in Northern Kentucky’s workforce,” Sen. Chris McDaniel (R-Taylor Mill) said. “This expansion in Covington demonstrates their ongoing confidence in the workforce and business climate in the commonwealth.”
Rep. Buddy Wheatley, a Democrat of Covington, said the project is part of a larger effort to create job opportunities in the region.
“Covington is seeing a true renaissance downtown, and announcements like STEP CG's show why,” Wheatley said. “I want to thank the company's leaders for investing further in our community and creating these high-paying jobs while raising our profile in this important industry. I also appreciate our local and state officials working together to help STEP CG move forward. This is great news for Covington.”
“We are delighted that Covington-based STEP CG has decided to remain right here and grow its business in Covington,” Mayor Joe Meyer said. “City staff has been working with the company and regional partners to address their talent needs and create opportunities for Covington residents to be a part of STEP CG’s future success.”
“I congratulate STEP CG on their success and thank them for committing to grow and add new jobs in Kenton County,” Kenton Co. Judge/Executive Kris Knochelmann said. “High-growth technology companies like STEP CG are finding the talent they need in Northern Kentucky and an urban, walkable community that’s attractive to their workforce in Covington.”
Lee Crume, president and CEO of Northern Kentucky Tri-ED, pointed to the importance of working with existing businesses.
“We’re thrilled that we were able to support the growth of a Northern Kentucky company and retain STEP CG in the region,” Crume said. “Helping companies like Step CG, an existing network engineering firm, find a new headquarters location where it can expand is a core service that Tri-ED provides to our clients.”
The Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $900,000 in tax incentives based on the company’s investment of $5.29 million and annual targets of:
- Creation and maintenance of 83 Kentucky-resident, full-time jobs across 10 years
- Paying an average hourly wage of $38 including benefits across those jobs
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. Further, the company plans to create a total of 150 jobs across the 10 years, beyond the 83 estimated to be Kentucky-resident jobs.
In addition, STEP CG can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.