Tue October 8, 2013
Cincinnati Council to vote on Pure Romance deal
Cincinnati is offering Pure Romance more than $850,000 in tax credits to move its company headquarters from Loveland to Downtown.
City Council will vote on the deal Wednesday.
In return the city will get nearly $3.4 million in payroll taxes during the 10 year deal. Pure Romance will bring 88 jobs to the old Delta building at the corner of Plum and Seventh Streets. That number will likely increase to 126 employees in about three years.
Interim Economic Development Director Jeff McElravy presented the details Tuesday to a Council committee.
“We worked very closely with the company to craft this agreement,” McElravy said. “It makes a long-term commitment to downtown Cincinnati, and hits all of our metrics in terms of return on investment to the taxpayer. So we see this as a great win for Cincinnati and for downtown.”
Pure Romance almost moved to Kentucky or Florida after the state of Ohio denied it $100,000 in tax credits. The company felt the denial was because of the nature of its business.
The romantic accessories business has annual revenues of $100 million.