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Financial incentives for GE facility at The Banks
CINCINNATI (Jeff Hirsh) -- One of the biggest businesses in the world with Tri-State ties, plans to build a center on the riverfront. General Electric's announcement didn't come without help from Cincinnati and Hamilton County.
Hamilton County and Cincinnati leaders met at Great American Ball Park Monday to discuss the financial incentives bringing the center and its hundreds of jobs to the city.
With the creation of this hub, eighteen hundred new jobs are coming to Cincinnati at The Banks. GE is building a ten story office building. It will be for shared services such as IT, personnel and human resources. There are only five of these GE centers in the world.
City and county leaders say this is a monumental deal that will impact the quality of life in Cincinnati. The people who will work at this GE center will make an average of nearly $80,000 a year.
Wendall Young says there are things about this deal that he and others may not like, but there is no real downside.
There are state, city and county financial incentives. The state has given a $66 million dollar tax credit. The city's tax credit will equal about $39 million dollars. There is a property tax abatement for $12.5 million. However, this center is a $90 million dollar private investment. A UC study finds when GE jobs, support jobs, construction jobs and investment are included, this is a one billion dollar a year deal.
City Council's finance committee approved the deal during that meeting. GE plans to start construction in 2014 and have the new center complete in two years.
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