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Both the Williamson County commission and City of Franklin will provide Lamp Group, who encompasses Dave Ramsey Solutions, with millions in tax breaks as the company plans to expand and add jobs at an undisclosed new location.

Both the Williamson County commission and City of Franklin will provide Lampo Group, which encompasses Dave Ramsey Solutions, with millions in tax breaks as the company plans to expand and add jobs at a new location.

Ramsey is best known as a nationally syndicated radio host and author of books and curricula on personal finance.

Ramsey Solutions public relations spokesperson Beth Tallent said these tax abatements will help lower the operating costs for the business, though the corporation will still pay 100 percent of its education taxes to Williamson County Schools. The total anticipated investment for the property sits around $98 million. By 2020, the company plans for 398 new full-time jobs with a capital investment of at least $50 million.

Both city and county officials have said that the group will head toward Berry Farms, and 47 acres known as the Reams Fleming tract. However, Tallent said that there has not yet been a contract with Boyle Investment Company, developer of Berry Farms. Boyle maintains much of the property within Berry Farms.

The payment in lieu of taxes (PILOT) agreement will expire in 18 years on Dec. 31, 2033. Following his own financial advice, Tallent said Ramsey will not go into debt to pay for the project.

“What it means is a local business grows and expands to become an even bigger part of the community,” city administrator Eric Stuckey said. “We know that 70 percent of our job growth goes to existing businesses. We are excited to move it forward.”

Similar tax agreements have happened before, ranging from Community Health System (CHS) corporate headquarters to the Verizon regional operations center.

Right now, the Lampo Group campus just west of the CoolSprings Galleria mall contains four buildings – two owned, two leased. The purpose of the rebuild will mean that Ramsey can have a more consolidated location. Plans for the space that Ramsey owns in Cool Springs have not yet been determined.

Despite the lack of a contract, the Board of Mayor and Alderman has already approved the building heights and standards for that area through its approval of Berry Farms. The city has already committed to replacing a bridge on Pratt Lane, which could cost around $500,000.

Both Lampo and Boyle have also said they will provide the additional right of way needed for expansion or improvement of roads. The primary access will be through a spine road, and Pratt Lane will become a road for only emergency access.

The group anticipates bringing on around 900 information technology jobs with its expansion, as the financial pundit steps away from DVDs and CDs of his financial management classes and goes completely digital.

“Just as we serve people better and serve them with their finances, we are growing rapidly,” Tallent said. “And we will have added additional personalities so Dave is not the focus of everything. We will have others that are doing speaking and managing the topics that they cover.”

According to numbers provided by its human resources team, Ramsey Solutions average 8.3 hires per month. The company recently hired its 567th employee.

“Those are some strong paying positions, and we do believe these are the exact type of jobs we need to be supporting,” said Elizabeth West McCreary, vice president of economic development for Williamson Inc., the county’s chamber of commerce.

Some of the positions will include developers, IT systems, governance and architects.

The company plans to break up the move from their Cool Springs set up into two parts dubbed Phase One and Phase Two, according the county and city resolutions. From a county standpoint, the effective date would start in 2018, with a $1,865,500 million reduction in taxes. This amounts to around 42 percent during the next decade. This equals to about $4,000 tax break per employee.

Ramsey solutions also would have tax relief from the city to the tune of $360,000, though Stuckey said that figure could rise to $400,000 to account for any potential inflation.

Phase Two mimics much of the same, expecting the same amount of job growth and the same $1.8 million cap from the county.

But like with any deal, there’s a safety net for the city and county if Lampo Group was unable to hold up its end of the bargain.

At least 80 percent of the anticipated employees should be hired by the end of December 2023. If it is lower than 318 jobs, then the company will have to make an additional in lieu of tax payment for that year.

“They have to meet a certain criteria, and it’s spelled out in the pilot paperwork,” District One Commissioner Dwight Jones said. “They’ve got a guarantee of ‘x’ amount of jobs across the company. It’s pretty financially sound jobs on paper. But if it doesn’t materialize, they will have to pay their taxes.”

Both bodies voted unanimously for the pilot project along with the Williamson County Industrial Development Board.

Emily West covers Franklin for Home Page Media Group. Contact her at [email protected]. Follow her on Twitter via @emwest22.

Both the Williamson County commission and City of Franklin will provide Lampo Group, which encompasses Dave Ramsey Solutions, with millions in tax breaks as the company plans to expand and add jobs at a new location.

Ramsey is best known as a nationally syndicated radio host and author of books and curricula on personal finance.

Ramsey Solutions public relations spokesperson Beth Tallent said these tax abatements will help lower the operating costs for the business, though the corporation will still pay 100 percent of its education taxes to Williamson County Schools. The total anticipated investment for the property sits around $98 million. By 2020, the company plans for 398 new full-time jobs with a capital investment of at least $50 million.

Both city and county officials have said that the group will head toward Berry Farms, and 47 acres known as the Reams Fleming tract. However, Tallent said that there has not yet been a contract with Boyle Investment Company, developer of Berry Farms. Boyle maintains much of the property within Berry Farms.

The payment in lieu of taxes (PILOT) agreement will expire in 18 years on Dec. 31, 2033. Following his own financial advice, Tallent said Ramsey will not go into debt to pay for the project.

“What it means is a local business grows and expands to become an even bigger part of the community,” city administrator Eric Stuckey said. “We know that 70 percent of our job growth goes to existing businesses. We are excited to move it forward.”

Similar tax agreements have happened before, ranging from Community Health System (CHS) corporate headquarters to the Verizon regional operations center.

Right now, the Lampo Group campus just west of the CoolSprings Galleria mall contains four buildings – two owned, two leased. The purpose of the rebuild will mean that Ramsey can have a more consolidated location. Plans for the space that Ramsey owns in Cool Springs have not yet been determined.

Despite the lack of a contract, the Board of Mayor and Alderman has already approved the building heights and standards for that area through its approval of Berry Farms. The city has already committed to replacing a bridge on Pratt Lane, which could cost around $500,000.

Both Lampo and Boyle have also said they will provide the additional right of way needed for expansion or improvement of roads. The primary access will be through a spine road, and Pratt Lane will become a road for only emergency access.

The group anticipates bringing on around 900 information technology jobs with its expansion, as the financial pundit steps away from DVDs and CDs of his financial management classes and goes completely digital.

“Just as we serve people better and serve them with their finances, we are growing rapidly,” Tallent said. “And we will have added additional personalities so Dave is not the focus of everything. We will have others that are doing speaking and managing the topics that they cover.”

According to numbers provided by its human resources team, Ramsey Solutions average 8.3 hires per month. The company recently hired its 567th employee.

“Those are some strong paying positions, and we do believe these are the exact type of jobs we need to be supporting,” said Elizabeth West McCreary, vice president of economic development for Williamson Inc., the county’s chamber of commerce.

Some of the positions will include developers, IT systems, governance and architects.

The company plans to break up the move from their Cool Springs set up into two parts dubbed Phase One and Phase Two, according the county and city resolutions. From a county standpoint, the effective date would start in 2018, with a $1,865,500 million reduction in taxes. This amounts to around 42 percent during the next decade. This equals to about $4,000 tax break per employee.

Ramsey solutions also would have tax relief from the city to the tune of $360,000, though Stuckey said that figure could rise to $400,000 to account for any potential inflation.

Phase Two mimics much of the same, expecting the same amount of job growth and the same $1.8 million cap from the county.

But like with any deal, there’s a safety net for the city and county if Lampo Group was unable to hold up its end of the bargain.

At least 80 percent of the anticipated employees should be hired by the end of December 2023. If it is lower than 318 jobs, then the company will have to make an additional in lieu of tax payment for that year.

“They have to meet a certain criteria, and it’s spelled out in the pilot paperwork,” District One Commissioner Dwight Jones said. “They’ve got a guarantee of ‘x’ amount of jobs across the company. It’s pretty financially sound jobs on paper. But if it doesn’t materialize, they will have to pay their taxes.”

Both bodies voted unanimously for the pilot project along with the Williamson County Industrial Development Board.

Emily West covers Franklin for Home Page Media Group. Contact her at [email protected]. Follow her on Twitter via @emwest22.