RALEIGH, NC – December 22, 2009 – (RealEstateRama) — Gov. Bev Perdue announced today that Zenta Mortgage Services will expand its Charlotte presence significantly, creating 1,002 jobs over the next five years and investing $2.19 million. The announcement was made possible in part by a state Job Development Investment Grant.
“Zenta’s CEO, Henry Hortenstine, knows North Carolina – and he also knows that the Charlotte region is home to great financial services talent,” said Gov. Perdue. “Our state’s outstanding workforce and top business climate once again provide a winning combination.”
New York-based Zenta Mortgage Services is a global financial services outsourcing company that provides mortgage services, real estate analysis, credit card servicing, and accounts receivable services for real estate, financial services, healthcare and insurance markets. The company currently employs 263 workers in Charlotte, its only location in North Carolina.
While salaries will vary by job type, the average annual wage for the new jobs will be $47,900. The company plans to begin hiring in January 2010.
“We are excited about our opportunity to expand in North Carolina,” said Zenta CEO Henry Hortenstine. “The Charlotte market offers a strong supply of talented financial services professionals. In addition, we are pleased with finding a campus setting at Forest Park that is conveniently located and able to readily accommodate our rapid growth needs. In what has been a very tough economic environment Zenta’s business model is resonating with the clients we serve. I want to thank the Zenta team members worldwide for their outstanding performance which makes this continued growth in Charlotte possible.”
“We are grateful for the support provided by the North Carolina Department of Commerce, North Carolina Community Colleges, the Charlotte Chamber and other business partners,” Hortenstine added. “The company had alternatives to Charlotte but in the end this was the right decision for Zenta. We are excited about our continued and expanded presence in Charlotte.”
The state Economic Investment Committee today voted to award a Job Development Investment Grant to Zenta. JDIGs are performance-based incentive grants awarded only to new and expanding businesses and industrial projects whose benefits exceed the costs to the state and which would not be undertaken in North Carolina without the grant. Companies receive no up-front funds and must meet agreed-on job creation, retention, average wage and investment criteria to receive grant funds.
Under the terms of the JDIG, the company is eligible to receive a grant equal to 60 percent of the state personal income withholding taxes derived from the creation of new jobs for each of the nine years in which the company meets annual performance targets. If Zenta meets the targets called for under the agreement and sustains them for nine years, the JDIG could yield as much as $8.6 million in maximum benefits for the company.
In addition, up to $2.87 million could be added to the state’s Industrial Development Fund for infrastructure improvements in economically distressed counties. When a JDIG is awarded in the state’s more economically prosperous counties such as Mecklenburg, 25 percent of the grant is allocated to the Industrial Development Fund to encourage economic development in less prosperous counties.
Other partners that assisted with this announcement include: The N.C. Department of Commerce, N.C. Community Colleges, and the Charlotte Chamber.