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Issue 2, Vol. 1
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December/2008
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Greetings!
Thank you for taking the time to read about the great things we have going on in the city! Even in these hard economic times we continue to stay active with new projects and business expansions. You will be pleased to see the progress we have made with several projects starting with P&G and their decision to open a childcare center downtown. We have also been working with dunnhumby USA and KZF Design on expansion projects. Along with the external projects we have been working internally searching for ways to better serve you. We have recently updated our website to include tons of statistical information, maps of the region and all of the latest news on our projects. We have also teamed with Hamilton County to update our Commercial Site Portfolio. This new tool will be a great asset to the commercial real estate community. If you have questions or want to know more about us please don't hesitate to visit the NEWLY UPDATED website at: www.cincinnati-oh.gov. Sincerely, Holly Childs, Economic Development Director, and your dedicated Economic Development team |
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Procter & Gamble to build downtown child care facility
Project news from Jeff McElravy
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On December 5, 2008, the City of Cincinnati Planning Commission vacated a portion of two paper alleys in the Central Business District (CBD) to Procter and Gamble (P&G) and 417 East Seventh Street, LLC. The vacation of these alleys will allow P&G to construct a 22,000 square foot childcare center on the corner of Broadway and New Street.
The childcare facility will have capacity for 196 children and employ more than 30 people, depending on enrollment. The new facility, to be managed by Bright Horizons, is a replacement for the current childcare center on Linton Street and will open in January 2010.
P&G and 417 East Seventh Street, LCC own the property adjoining the two alleys and petitioned for this purchase. Currently these streets are being used as surface parking for downtown businesses. The employees who presently park in the existing lots will be relocated to other P&G parking lots.
The City of Cincinnati is pleased to be partnering with Procter & Gamble on their exciting project to bring a new childcare facility downtown, which will be an asset to working parents at P&G - and a great addition of young people to the city's Central Business District.
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EDD assists with dunnhumby, USA expansion
Project news from Patrick Ewing
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 dunnhumby, USA is an international leader in the field of market analysis and brand value for consumer goods and retail companies. dunnhumby employs nearly 300 in Cincinnati and operates offices in Atlanta, Chicago, Minneapolis and New York. Clients include The Kroger Co., Macy's, The Home Depot, Coca-Cola, General Mills, Kimberly Clark, PepsiCo and The Procter & Gamble Co.
Revenue has grown from $20 million in 2004 to $200 million in 2008.
The firm is committed to continue its rapid growth by redefining an historic building at an important gateway into downtown Cincinnati.
dunnhumby signed a 10-year lease with DHC/ANI LLC, the property owner, on November 14th to occupy the entire 145,000+ square-foot building at 444 W. Third Street near Paul Brown Stadium. The building will be the national headquarters for dunnhumby's operations in the United States.
Al. Neyer, Inc., the project's developer, will provide all design-build services for the renovation of the 1920s era building, which in previous incarnations was used by the United States Postal Service and the Hennegan Printing Company.
Chris Dobrozsi, Director of Real Estate Development for Al. Neyer, Inc. said, "We are working with dunnhumby to deliver a signature urban campus that will surpass the great work environment they have now." The company is currently located at 302 W. Third Street. "The City is a partner in this all the way," Mr. Dobrozsi said in a recent press release announcing the lease.
When completed in August 2009, the project will represent $15.1 million in created value. The City of Cincinnati will provide additional parking nearby and property tax abatement on the improvements for a 12 year period. The Economic Development Division will extend job creation tax credit incentives to dunnhumby, USA for the creation of 150 new jobs.
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KZF Design expands, moves downtown
Project news from Jeff McElravy
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 KZF Design, Inc. recently announced plans to renovate 700 Broadway into their new headquarters, and will be applying for LEED-Silver certification on the 36,000 square foot building. This new space will be home to nearly 100 employees.
"KZF is intending for the building to be a showplace in workplace and sustainable design," said William H.
Wilson III, AIA, President and CEO of KZF Design.
The total cost of the renovation is $6 million, and KZF will move into their new building in the summer of 2009.
The
Economic Development Division is working with KZF to secure two
easements, enter into a lease of an unused alley, and to provide a
property tax abatement to offset a portion of the costs of building to
LEED specifications.
KZF
is a major, local architectural, engineering, interior design &
planning firm, with operations in Orlando, Tampa and Atlanta.
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| Hamilton County and City of Cincinnati launch online site selection tool to attract business
Business attraction news
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Hamilton County's Economic Development office (HCDC) in conjunction with the City of Cincinnati's Economic Development Division (EDD) have launched a powerful new tool to attract business and promote economic development throughout the City of Cincinnati and Hamilton County. This enhanced version of the Cincinnati Commercial Site Portfolio was made possible through a collaboration between GIS Planning, the City of Cincinnati, Hamilton County, Cincinnati USA Partnership, HCDC, and Cincinnati Area Geographic Information System (CAGIS).
The Cincinnati Commercial Site Portfolio is a web-based real-estate tool that members of the brokerage community can use to list their properties throughout the City of Cincinnati and Hamilton County. These types of search mediums are used by site selection consultants, economic development professionals, business leaders and government officials to locate potential sites for new, expanding, or relocating businesses. The new version of the Commercial Site Portfolio has been upgraded to include a new user-friendly interface, added display layers, customized demographic and business reports, as well as faster search times.
The new version of the Cincinnati Commercial Site Portfolio can be found at www.CincySites.com.
 There is never a charge for services provided by the Economic Development Division of the City of Cincinnati.
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Are you in the automotive or the aviation sectors? Looking for new opportunities to grow? Diversify your business through advanced energy.
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The renewable portfolio standard, adopted earlier this year, requires that investor-owned electric utilities supply 25 percent of their retail sales from advanced energy sources, with at least 12.5 percent from renewable energy. This standard, along with similar requirements in other states, is creating strong demand for materials and components used in wind, solar, and other advanced energy sectors. The increasing demand is creating opportunities for Ohio companies to enter the supply chain of this lucrative and growing market.
On January 8th, the Ohio Department of Development, the Ohio Air Quality Development Authority, Cincinnati State and the City of Sharonville are hosting a seminar for Hamilton County businesses focused on "Accelerating the Advanced Energy Supply Chain in Ohio." This seminar will discuss the State of Ohio's new grant and incentive programs that will help existing Ohio companies retool manufacturing facilities, increase capacity, retrain work forces, and plug into the advanced energy market to stimulate more jobs and business growth in Ohio.
The seminar will be from 1PM - 5PM at the Sharonville Convention Center, 11355 Chester Road, Sharonville, Ohio, 45241. Seating is free, but limited, so you must register to attend. To register, please click here. To view the agenda click below.
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Program overview
Community Reinvestment Area (CRA)
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The City of Cincinnati may offer a property tax abatement to a company that is considering building or renovating a commercial facility. The size of an abatement varies between projects and depends upon the taxable value of the improvements that are made to a property.
How does CRA work?
Suppose an investor enters into an agreement with the City to invest $1 million to renovate a commercial property. In this case, the abatement is for 50% of the new property value for a 12-year term.
Market value of new investment $1 million
Assessed value of investment $ 350,000
2008 Commercial property tax rate = 0.068688188
Property tax on new investment $ 24,041
Annual abatement $ 12,020
Total abatement over term $ 144,245
The maximum abatement can be up to 75% of the new taxable value and up to 100% for LEED certified projects. The maximum term on a renovation project is 12 years; for new construction it is 15 years.
Fees
The State of Ohio charges a $750 application fee and an annual fee of 1% of the value of the abatement (minimum $250/maximum $2,500).
How do I learn more?
Contact Holly Childs, Economic Development Director, at (513) 352-2499. |
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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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"Most Literate" - Cincinnati is the fifth most literate city in the country out of 79 with population of 200,000
or more, according to a study by Jack Miller, chancellor of the University of Wisconsin-Whitewater.
Fortune magazine ranked Cincinnati 7th among the top 15 U.S. cities as a great place to live and work.
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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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