CINCINNATI, Ohio -- Evendale Mayor Don Apking had heard rumors for years that the village's largest employer – GE Aviation – would abandon the community.
Those fears were officially put to rest Thursday.
"General Electric, they're going to be here for a long time and we're glad of that," Apking said.
Leaders from GE Aviation, the State of Ohio, the University of Cincinnati and the Village of Evendale announced a massive revitalization project of the firm's 400 acre complex that will retain 5,000 jobs in Evendale.
The project will also expand a partnership between GE Aviation and the UC Aerospace Engineering program to jet propulsion research.
The plan involves an investment of more than $161 million over the next several years.
The key to the project is a 15-year Job Retention Tax Credit worth up to $120 million and other incentives that are pending approval.
Evendale is providing $1 million in assistance for the project.
"Half of our $13 million budget comes from GE and we would not be able to have the amenities that we have for the residents if it wasn't for GE," Apking added. "We are pleased with our ability to help transform the Evendale campus."
GE Aviation settled in Evendale in 1941 in a complex designed with manufacturing in mind. Now, the major focus is on research and development.
So, Building 701 – one of the originals – will be demolished in favor of structures more suited to the current uses.
"We believe we're going to make a campus that centers on technology as a centerpiece not only for Cincinnati, not only for Ohio, but for the United States," said GE Aviation President David Joyce. "We need to lean even more toward more research and more technology to stay in a pre-eminent position in the future."
Ohio Governor Ted Strickland hailed the project as a commitment to the state's aviation future.
"This brings the facility into the 21st century, reduces overhead and launches GE Aviation to greater heights," the Governor said.
The 5,000 jobs being retained in Evendale are part of a 7,000 member GE Aviation work force in Southwestern Ohio.
The jobs are the high-tech variety that could have been lost without the state, county and village working together.
"They're the kind of jobs that are going to require us to continue to produce highly-skilled individuals," the Governor added.
UC's new President Greg Williams beamed at such a significant partnership announced during his first week on the job.
GE Aviation and UC already have an established co-op program and many UC graduates are employed full-time there.
Williams says he wants to push the boundaries of the partnership.
"Our hope is to truly forge a unique university, industry and state collaboration that I believe could some day become a model for generations of new ideas and innovations," Williams stated.
"This could create many small businesses, plus attract the best and brightest to the great State of Ohio,” he added.
