GE bringing 2,000 jobs to The Banks
Hamilton County and Cincinnati leaders approved measures to bring General Electric to The Banks Monday.
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An artist's rendering of a new GE office at The Banks.
CINCINNATI -- JUNE 23, 2014 -- Cincinnati and Hamilton County leaders meet to approve a package of incentives to get GE to bring a new job center to The Banks.
CINCINNATI -- Hamilton County and Cincinnati leaders approved measures to bring General Electric to The Banks.
Under the incentive package approved by city and county leaders during a joint meeting Monday G.E .will receive payroll and property tax rebates, along with a parking lot discount.
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In a release after the approval, G.E. announced they will bring about 2,000 jobs to a riverfront service center and generate more than $100 million in payroll. The average salary for those jobs will be $79,000, according to details released during the county and city joint meeting.
The G.E. site will be one of five service centers globally, and the only located within the United States.
The deal includes a 75 percent reduction in property tax and an 85 percent payroll tax abatement during a 15 year period. Cincinnati Public Schools will receive the remaining 25 percent in property tax that will generate $6.4 million during that time.
Employees at the Banks location will also receive a 30 percent parking discount. The parking deal will net G.E. a savings of about $1 million a year.
When asked about the benefits of locating G.E., Hamilton County officials said the deal will net the region about $1 billion dollars in economic benefits and employ more than 4,000 when support staffing is included in the jobs numbers provided by a University of Cincinnati economic impact study.
Construction of the $90 million facility that will be located near the Underground Railroad Freedom Center is expected to start this fall and be completed by summer 2016.
During the joint meeting Cincinnati city council member PJ Sittenfeld said the construction will create a "jolt of momentum" for the Banks project.
The deal agreed to between the city, county and G.E. also contains three five-year options that could possible keep the business downtown for at least 25 years.