Park Place Technologies lands state tax credit to add 150 jobs – Crain's Cleveland Business

Park Place Technologies, a Mayfield Heights-based provider of information technology services, plans to add 150 jobs over the next three years.
The Ohio Tax Credit Authority approved an eight-year, 1.631% tax credit for the company on Monday, Oct. 4. That credit is worth an estimated $875,000, though the ultimate value of the incentive will depend on hiring and payroll growth at the 30-year-old business.
Park Place employs 467 people in the region, with a total annual payroll approaching $30.1 million. In addition to its headquarters, the company has a warehouse in Solon.
The new positions could add $7.5 million in payroll, the Ohio Department of Development said.
State development officials; statewide economic-development corporation JobsOhio; and Team NEO, JobsOhio’s regional affiliate, worked with company executives to keep the expansion local. Park Place was weighing options in Colorado and North Carolina, according to a project summary provided by the state.
The global company already has offices in Denver and Charlotte and is growing internally and through acquisitions.
“As the world continues to strive for a new normal following the emergence of COVID, we’re thrilled to commit to the Cleveland area and provide employment opportunities in a thriving technology sector for years to come,” said Chris Adams, the company’s president and CEO, in a news release.
As part of the tax-credit agreement, Park Place must maintain operations in Mayfield Heights and Solon for at least 11 years. The company expects the expansion to be complete by Dec. 31, 2024.
The company’s decision to grow here “is a testament to the Northeast Ohio region’s diverse and talented workforce pipeline driving innovation well into the future,” said Bill Koehler, Team NEO’s CEO, in a news release.
Park Place has recruiting relationships with local universities. The company, with a deep roster of Fortune 500 clients and about 2,300 employees worldwide, wrapped up a headquarters renovation in 2019.
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