File photo of CVG airport; Michael Benedic | WCPO
New tax break lures Meyer Tool to locate aircrafts to Cincinnati/Northern Kentucky International Airport.
HEBRON, Ky. – Meyer Tool's corporate jets have a new home at Cincinnati/Northern Kentucky International Airport.
A new tax break, that eliminates property tax on non-commercial aircrafts by local taxing districts, lured the Cincinnati-based company to house it's corporate aircraft fleet at the airport.
In September, Judge Executive Gary Moore announced the change and told corporations that, “CVG is open for business.”
“We want to be competitive with Ohio… level the playing field,” said Moore about airports like Clermont and Lunken that also have a tax-free deal with non-commercial aircraft located at their airports.
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Moore’s hope was that the new lack of taxing would attract corporations that may want to also set up shop on nearby CVG land as well.
Meyer Tool announced Monday it will bring approximately eight full-time jobs to CVG for its two corporate jets, which it owns and operates. The company added another 28 jobs earlier in 2013 at it's Meyer Tool Cox Plant in Erlanger.
While the county will be losing out on the $30,000 that it currently earns from these taxes, Moore said it’s a good investment and will help the airport by increasing jobs and property taxes coming from buildings and infrastructure when corporations take up residence at CVG.
“We must work smarter—that’s what we’re doing and continue to do,” said Moore.
The airport is reinventing itself and is looking for more revenue sources, he added.
Airport CEO Candace McGraw said the move makes the airport competitive.
“We are striving at many levels to make CVG more competitive in its service to both residents and the corporate community in Cincinnati and Northern Kentucky,” said McGraw. “The elimination of the personal property tax on non-commercial aircraft in Boone County will help us attract new corporate fleets and create new jobs for our region.”
“We believe the elimination of this tax will help attract new corporate planes, from sizeable corporate HQ operations, informatics-oriented firms and large-scale manufacturing companies, to CVG.”
Meyer Tool is the first corporation to make the move.
“I’m a lifelong Northern Kentucky resident and have served in various capacities on the Kenton County Airport Board over the last 20 years, including as chairman from 2001 to 2002,” said Meyer Tool President Arlyn Easton. “I’m very proud to bring Meyer Tool’s corporate aircraft to CVG and help create new jobs in our community.”
Meyer Tool, a high-tech manufacturing company supplying a variety of precision components to the aerospace and gas turbine engine industries, has invested $4.79 million in its Northern Kentucky operation, which employs approximately 152 full-time employees.
“In the past few years, we have lost potential economic development projects because of the non-commercial aircraft tax in Boone County,” said Dan Tobergte, president and CEO of Northern Kentucky Tri-ED. “The elimination of the tax and the available land at CVG strengthen the airport’s role as a major asset in our efforts to attract corporate aircraft to CVG, from a broad range of targeted industries, and create new jobs in Northern Kentucky.”