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File #: 19-1121    Name: Kearney & Company Economic Development Incentive
Type: Status: Agenda Ready
File created: 9/17/2018 In control: City Council Legislative Meeting
On agenda: 9/25/2018 Final action:
Title: Consideration of an Economic Development Incentive to Retain Kearney & Company in Alexandria.
City of Alexandria, Virginia
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MEMORANDUM


DATE: SEPTEMBER 19, 2018

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

FROM: MARK B. JINKS, CITY MANAGER /s/

DOCKET TITLE:
TITLE
Consideration of an Economic Development Incentive to Retain Kearney & Company in Alexandria.
BODY
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ISSUE: Retaining 500 professional service company jobs in Alexandria.

RECOMMENDATION: That City Council allocate $125,000 from the City's share of the Alexandria Investment Fund to the Alexandria Economic Development Partnership ("AEDP") as part of a $250,000 total economic development retention incentive for Kearney & Company, P.C. to retain its headquarters in Alexandria with its 500 employees, as well as to grow by at least 50 additional jobs, subject to a planned Performance Agreement between Kearney & Company, P.C. and AEDP.

BACKGROUND: Founded in 1985, Kearney & Company, P.C. ("Kearney") is a CPA firm focused exclusively on the Federal Government, providing services across the financial management spectrum. Kearney has helped the Federal Government improve its financial operations' overall effectiveness and efficiency; increase its level of accountability and compliance with laws, regulations, and guidance; and protect federal funds from fraud, waste, and abuse.

Kearney currently employs more than 600 people in offices in Alexandria, Ohio and South Carolina. While 500 of those employees are assigned to the Alexandria office, with 200 currently working daily at the Alexandria office. The remaining work largely on-site at client locations around the Washington, D.C. metropolitan area, but do work at the Kearney headquarters offices on a regular basis.

In 2010, Kearney moved into their current headquarters location at 1701 Duke Street in Old Town, and has continued to grow, increasing their occupancy in their building to over 47,000 square feet (SF) as well as taking space in adjacent buil...

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