CINCINNATI -- Cincinnati’s largest bank is planning a $14.5 million expansion that would create 400 new jobs in downtown Cincinnati.
The Ohio Tax Credit Authority on Monday approved a 2.1 percent, 10-year tax credit to encourage U.S. Bank to move forward with the project. State records indicate the new jobs would sport an average annual salary of $48,000. U.S. Bank already employs about 3,500 in Cincinnati with an annual payroll of $160 million.
"The significant new investment will help U.S. Bank provide the best possible customer service and attract and keep exceptionally talented workers," said Mike Prescott, the bank's Cincinnati Market President, in a press release.
The bank will "renovate and modernize significant portions of our existing office space," it said in a prepared statement.
The tax credits have an estimated value of $3.2 million for the Minneapolis-based bank whose Ohio subsidiary is the region's largest bank, with $57 billion in local deposits.
It’s one of two expansion projects impacting Cincinnati-based enterprises.
Macy’s Inc. is planning a new distribution center in Columbus to support the rollout of its Backstage discount-store concept in the Midwest.
"Macy's has a strong business in Ohio and we are excited to continue building our presence in the state," CEO Jeff Gennette said in a press release. "This new distribution center will enable us to move merchandise to our Backstage locations faster and with more flexibility."
The Ohio Tax Credit Authority offered Macy's an eight-year tax credit worth an estimated $1.5 million to encourage the $15 million project. It will create 410 jobs with $13.5 million in new annual payroll, which means the jobs would carry an average annual salary of about $33,000.