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PINELLAS COUNTY — Indianapolis-based Stonegate Mortgage Corp. has announced plans to expand its operations in Pinellas County at Cardinal Point. Stonegate currently has 1,000 employees nationally, with 75 of these staff members located in Florida.
Stonegate is expected to create 139 new Florida jobs with an annual pay of at least 115% of the statewide average annual wage (more than $47,500) by the end of 2016. The projected salaries could result in an economic impact of $10.5 million, and the company plans a capital investment in Pinellas of more than $920,000.
“We believe Pinellas County offers us access to a workforce that will allow us to grow our culture and the ideal business climate to grow our operations,” Jim Cutillo, founder and CEO of Stonegate Mortgage says in a press release.
Pinellas County and the state approved Stonegate Mortgage for a Qualified Target Industry Tax Refund of $5,000 for each new Florida job created and verified. The maximum value of the refund, should Stonegate hire all of the proposed positions, is $695,000. Florida will be responsible for 80% ($556,000), and Pinellas County has approved funding for the remaining 20% ($139,000). The refund will only be available to the company if the jobs are created at the promised wage levels and after all tax obligations and liabilities have been paid.
Founded in 2005, Stonegate Mortgage is a publicly traded (symbol: SGM; recent price: $15.26), mortgage company that originates, finances and services residential mortgages. The company also provides financing through its warehouse lending platform, NattyMac.
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