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Issue 1, Vol. 1
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August/2008
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Greetings!
Thank you for taking time out of your busy schedule to read our inaugural newsletter. The Economic Development
Division (EDD) assists on development projects within the Central Business District as well as projects that create 50 new jobs or have a 50 million dollar capital
investment. EDD serves as a liaison between City departments and the
business and development communities and provides financial,
informational, and technical assistance to those seeking to invest and
grow in Cincinnati. Please take a moment and read about some of the exciting development news going on around the city. Also, do not forget to visit our website at: cincinnati-oh.gov. Sincerely, Your dedicated Economic Development team |
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Queen City Square Tower under way in record time
Project news from Patrick Ewing
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 The Queen City Square Tower
project is a good example of how EDD, working with the private sector,
can expedite new development in Cincinnati. The developer, Eagle Realty
Group, announced the project in December 2007 and started work with the
City on a development agreement in January 2008. City Council approved
the development agreement and Tax Increment Financing (TIF) package on June
18, 2008. Site work on the project commenced with the demolition of
the existing Western Southern garage on July 7, 2008. Completion is
scheduled for 2011.
The total project budget is over $322
million, of which Western & Southern will provide approximately
$319 million. The City will authorize the TIF Bonds and will provide
$3.75 million in public funding for sidewalks, streetscapes, utilities
and related work. Great American Financial Group will be the anchor
tenant of the tower, keeping a major Cincinnati corporate headquarters
in the Central Business District.
The office, parking and
retail development will be built along the east side of Sycamore Street
between Third and Fourth Streets. The project will feature a 41-story
tower, a 1,700 car parking garage, and a pedestrian promenade at the
corner of Fourth and Sycamore. The project will include an outdoor
plaza at Fourth and Sycamore and retail spaces totaling 20,000-25,000
sq. ft. which will be located in various locations on the street levels
of the project. The Great American Building will be constructed
immediately adjacent to, and will interconnect with, the existing 303
Broadway facility located to the east of the tower.
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| LEED-Certified Keystone Parke opens
Project news from Jeff McElravy
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 In June, Evanston celebrated the grand opening of the first building in Keystone Parke. The building, which is 60,000 sq. ft., is the first LEED-certified core and shell structure in the region. Over the next several years, Neyer Properties will build out the $100 million campus which will be 460,000 sq. ft. and home to over 2,000 jobs.
The highlights of the City's assistance with the project include: the issuance of $21.5 million in TIF bonds, a series of real estate transfers, a series of planning and zoning changes, and sponsoring a Job Ready Sites application with the Ohio Department of Development (ODOD).
This investment, combined with the planned streetscape improvements along Dana Avenue and Xavier University's reconstruction of its east campus, will have a dramatic impact on the northern part of Evanston. |
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Program overview
Job Creation Tax Credit (JCTC)
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The City of Cincinnati may offer a job creation tax credit to a company that is considering expanding in, or moving to, Cincinnati. The credit is offered in consideration for net, new jobs created in the City, and is offered in conjunction with the State of Ohio.
The local JCTC is a credit against a company's net profits tax obligation. The state JCTC provides a credit against a company's Ohio corporate franchise tax, commercial activity tax, or an individual's personal income tax. The tax credit is based on the state income tax withheld from the new, eligible full-time employees.
How does the credit work?
Suppose a company creates 100 new jobs averaging $20 per hour and the City offers a 50% JCTC for 5 years:
100 jobs @ $20/hour.......................$4.16 million payroll
$4.16M x 2.1% earnings tax...............................$87,360
50% credit...........................................................$43,680
Total city incentive.............................................$218,400
How do I learn more?
Contact the Economic Development Division at (513) 352-2499.
To learn more about the Ohio program, contact ODOD at (513) 852-2826 or visit http://www.odod.state.oh.us./edd/jctc. |
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Expansion / Retention Outreach Program
EDD begins expansion / retention outreach visits
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A
major recommendation of the GO Cincinnati initiative completed at the
beginning of 2008 was to have the City launch a business expansion and retention program for companies located within the City's boundaries.
The recommendation identified that the well
being and growth of base companies is a vital part of the City's
economy.
The
staff of the Economic Development Division (EDD) has taken on the
recommendation and begun to proactively contact businesses and set up
visits at companies' offices. These visits will be used to build relationships, gain
insight into business climate, and identify opportunities for EDD to help businesses thrive. EDD has begun
the visits by targeting existing entities with over 100 employees.
If
you are a business in the City that would like to schedule a retention
or expansion visit, please contact Bob Bertsch at 352-3773 or via
e-mail at Robert.Bertsch@cincinnati-oh.gov.
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Growing or relocating?
We provide for that!
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New in 2008 is the Economic
Development Division's ability to provide you with in-depth information
on office, industrial, or retail properties available for sale or lease
in the City. You define your current and future facility needs and,
using state-of-the-art software technology, our Development Officers
will work with you to provide detailed information on properties that
meet the needs you've identified. From current lease rates, potential
new neighbors, zoning, land acreage, building features and graphics -
information is available based on what's important to you. Let us
assist you by providing property specs to have in-hand when you contact
area agents, brokers and/or property owners to begin your site
evaluations.
There is never a charge for services provided by the Economic Development Division of the City of Cincinnati. |
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Recently expanded or relocated businesses
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- Kendle International
is expanding its headquarters in the Carew Tower. The company will
hire 75 new employees over the next three years and invest $4.4 million
in its facilities. It is the largest tenant in the Carew Tower occupying 130,000 sq. ft. of office space. Kendle provides
clinical research and regulatory consultancy services to
biopharmaceutical companies in 80 countries. The company employs 3,000
people worldwide, including 629 in Cincinnati.
- FirstGroup America,
a leader in the transportation industry, will retain and expand its
operations in Downtown Cincinnati with substantial capital investment
and new job creation at 600 Vine Street. FirstGroup America has
committed to capital investments of at least $1 million related to
tenant finishes, furniture, fixtures and equipment. The company will
add 135 net new jobs over the next three years and will retain the 140
jobs currently located in Downtown Cincinnati. We also congratulate FirstGroup America for having
received a 2008 Growth Award from the Cincinnati USA Regional
Partnership for its continued commitment to Cincinnati. |
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Thank you for taking the time to read about the great things going on in the City. We look forward to hearing from you!
Sincerely,
City of Cincinnati Economic Development Division |
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Did you know?
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According to American Style Magazine Cincinnati is a top 25 arts destination.
Cincinnati Children's Hospital Medical Center was rated 3rd in the 2008 listing of best pediatric hospitals in the U.S.
-U.S. News & World Report
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Contact Us
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Holly Childs Economic Development Director Phone: (513) 352-2499 Fax: (513) 352-1566 E-mail Holly ChildsPatrick Ewing Development Manager Phone: (513) 352-1933 Fax: (513) 352-1566 E-mail Patrick EwingJeff McElravy Senior Development Officer Phone: (513) 352-1561 Fax: (513) 352-1566 E-mail Jeff McElravyBob Bertsch Senior Development Officer Phone: (513) 352-3773 Fax: (513) 352-1566 E-mail Bob Bertsch
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