Covington Approves Incentives for Company's PLanned Relocation
The City of Covington approved an incentive package this week to secure Protective Life Corp.'s move to RiverCenter I.
The company, which provides financial services through the production, distribution, and administration of insurance and investment products across the country, plans to bring 100 employees to the city, with plans to double its local workforce over time.
Protective Life's plans were first announced in December.
It is investing $18.3 million into leasing and retrofitting 67,000 sq. ft. of office space in the riverfront tower.
“This is a fantastic win for Covington that adds to our reputation as the home of regional headquarters, brings high-paying jobs, expands the job market, and all but fills up our Class A office space on the river,” Covington Economic Development Director Tom West said.
“Protective Life is moving into the ‘sweet spot’ of our local economy,” Mayor Joe Meyer said. More than 20 percent of the city's workforce is in the finance and insurance fields, a news release said.
On Tuesday, the city commission gave final approval on a six-year 1-percent payroll tax incentive for each new job that Protective Life relocates or creates in Covington, as long as it remains here for at least twelve years.
The city expects to realize $5 for each dollar it forgoes in new tax revenue, as part of the deal, West said.
Protective Life is based in Alabama and its new Covington site will be one of its three core sites nationwide.
It plans to move to RiverCenter in the fall.