Mandeville-based payroll services firm Netchex will spend $5.3 million to build a new headquarters in the city, company officials and Gov. Bobby Jindal announced this afternoon. The plan calls for Netchex to begin leasing 30,000 square feet of office space in Mandeville for two years, beginning early next year, while the new building is being constructed.
Louisiana Economic Development estimates the investment will retain the company’s existing 86 employees in Mandeville and further create another 240 new direct jobs paying an average salary of $43,800, plus benefits. Hiring for the new positions has already begun.
LED says the company had been considering moving its headquarters to Texas or Florida, where it also has an office. LED has been discussing the investment with Netchex since January, and to secure the investment here the state is providing the company with an incentive package that includes workforce development assistance through the LED FastStart program.
The company also will benefit from the state’s Digital Interactive Media and Software Development Incentive, and Netchex is expected to use the state’s Quality Jobs Program. The digital and software incentive provides for a 35% refundable tax credit—the strongest of its kind in the nation—on payroll for in-state labor, and a 25% tax credit for qualified production expenses. The quality jobs incentive provides a rebate of up to 6% of total payroll on new jobs created, for 10 years.
Founded in Mandeville in 2003, Netchex provides payroll, human resources, time and attendance, and benefit services in the South. The company has offices in Dallas, Atlanta and Jackson, Mississippi, with an overall workforce of nearly 120.
