Synchrony Financial agrees to 10-year deal to stay in Kettering

Synchrony Financial s Kettering center has an innovation station dedicated to testing new financing technology for its merchant customers. City officials has just reached a long-term lease agreement with the company. THOMAS GNAU/STAFF
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Synchrony Financial s Kettering center has an innovation station dedicated to testing new financing technology for its merchant customers. City officials has just reached a long-term lease agreement with the company. THOMAS GNAU/STAFF

Synchrony Financial, one of the largest employers in Kettering, has agreed to a 10-year deal to stay in the Kettering Business Park.

The city agreed to give the credit card company a $675,000 Economic Development Incentive Grant if the company agreed to a five-year lease with a five-year option.

The deal also includes a statement from the company that it plans to maintain 1,900 full-time equivalent positions at its facility that’s located at 950 Forrer Blvd.

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Synchrony has been a key component in the recent growth in the Kettering Business Park. The company oversees “private label” credit cards for some 300,000 merchant and retail businesses in some 400,000 locations, companies like Walmart, Amazon, Morris Furniture and Tire Discounters dealers, among others.

The business also is one of the city’s largest employers, and that is one of the reasons that led the city to work on making the deal, according to Economic Development Manager Gregg Gorsuch.

“It was really critical for the city to make sure that Synchrony signed up for another 10 years at the business park,” he told the Dayton Daily News. “They are really a mainstay for us in the Kettering Business Park. We are very pleased they signed.”

Gorsuch explained that Kettering is gaining a lot of traction in the Business Park thanks to companies like Kettering Health Network, Amazon, Alternate Solutions Health Network and the University of Dayton Research Institute.

“Synchrony is in about 400,000 square feet out there,” he said. “In one form or another, they were the first tenant to move into the business park when we converted it from the old DESC (Defense Electronics Supply Center) to the Kettering Business Park.”

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Synchrony spokeswoman Lisa Lanspery said the company has had a good partnership with Kettering.

“Synchrony has a deep public-private partnership with the city of Kettering where thousands of our employees work and live,” Lanspery said. “This grant is renegotiating incentives which is business as usual.”

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