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Kroger Co. convenience store buyer gets Ohio tax credits for Cincinnati headquarters

EG Group vows to keep HQ here for 12 years
Posted at 4:11 PM, Oct 29, 2018
and last updated 2018-10-29 16:11:14-04

CINCINNATI -- Eight months after announcing it would establish its North American headquarters in Cincinnati, a British company was awarded $1.5 million in tax credits to encourage the move.

EG Group announced in February that it would purchase the Kroger Co.'s 762 convenience stores for $2.15 billion and establish its North American headquarters here "as part of the transaction."

The Ohio Tax Credit Authority approved a 1.4 percent, nine-year tax credit Monday that requires the company to remain in Cincinnati for at least 12 years.

"Ohio is competing with Colorado and Pennsylvania for the proposed project," the independent advisory board was told in a report prepared by the Ohio Development Service Agency. "State support will help ensure the project moves forward in Ohio."

The board summary said EG Group will create 154 full-time equivalent positions with $12.4 million in new annual payroll. That means the new jobs will pay an average of $80,500 per year. EG Group is also retaining about $4.3 million in annual payroll that's already in place in Cincinnati.