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Mortgage firm plans local expansion, 140 jobs

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Royal United Mortgage LLC, an Indianapolis-based mortgage firm, announced plans Tuesday to expand its local operations, adding up to 140 employees by 2013.

The three-year-old firm said it will spend $1.85 million to lease a new office on the north side of the city.

Royal United currently has 151 employees in Indianapolis, and said it has already begun hiring additional mortgage advisory, operations, technology and servicing associates.

The Indiana Economic Development Corp. offered Royal United up to $1 million in performance-based tax credits and up to $120,000 in training grants based on the company's job-creation plans. The city will consider additional property-tax abatement.

Royal United was started in 2008 by Craig Royal and Michael Keleher with 22 employees.The company offers loans for home purchases, refinancing and debt consolidation.

Royal, the firm's chairman and CEO, was chief financial officer at Oak Street Financial Services LLC from 1999 to 2007. Oak Street, which specialized in non-conforming loans, was one of the area's fastest-growing companies for almost a decade and had more than 700 employees at its peak. It attempted a $150 million initial public offering in 2004 but called it off in 2005 when profits began to slip.

Oak Street filed for Chapter 11 bankruptcy in 2007 amid the subprime lending meltdown after selling most of its assets to Kansas City, Mo.-based Novastar Financial. 

 

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

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  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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