FRANKFORT, Ky. (WTVQ) – Governor Andy Beshear on Thursday announced technology engineering firm STEP CG, LLC plans to expand its headquarters in Kenton County into new office space, creating at least 83 high-wage jobs.
STEP CG, a nationwide technology engineering firm currently headquartered in Covington, says it will expand operations into 50 E. RiverCenter Blvd. on the Ohio River, investing nearly $5.3 million in the project.
The new location provides nearly 7,000 square feet of additional office space as the company looks to expand due to growing demand for its services.
STEP CG provides expertise in networking, voice, security and professional services. The company services a range of industries that includes health care, education, manufacturing, financial, retail, legal, government and service providers. The company has been headquartered in Northern Kentucky since 2015.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $900,000 in tax incentives based on the company’s investment of $5.29 million and annual targets of:
- Creation and maintenance of 83 Kentucky-resident, full-time jobs across 10 years
- Paying an average hourly wage of $38 including benefits across those jobs
By meeting its annual targets over the agreement term, officials say the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. Further, the company plans to create a total of 150 jobs across the 10 years, beyond the 83 estimated to be Kentucky-resident jobs.
In addition, STEP CG can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
For more information on STEP CG, visit www.STEPCG.com.
A detailed community profile for Kenton County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/ThinkKentucky, on Twitter and LinkedIn.