Mon June 23, 2014
Done Deal: GE coming to The Banks
Cincinnati and Hamilton County have cleared the way to bring General Electric's Global Operations Center to The Banks.
City Council and the County Commission Monday morning approved several packages of incentives cementing the deal. GE is expected to bring nearly 1,800 jobs with an average total payroll of $142 million per year.
The five-year lease includes five, 5-year renewal options.
Project Counsel Tom Gabelman says the overall annual benefit is huge. "School board payments, about $450,000/year. Earnings tax revenues of $1.9 million, sales tax and parking revenues... those all total over $1 billion a year."
Hamilton County Commissioner Greg Hartmann says, "This work really shores up the multi-billion dollar investment that we have in The Banks project. It's going to give us the dollars, through parking revenues, to finish this project, which we've promised, for a long time, to taxpayers. And it really makes sure that our investment that we already have down in the riverfront is solid."
GE is opening temporary offices in the Atrium Two building downtown. Construction on the new space could begin in the fall and the facility is expected to be fully operational by 2017.
- New jobs: 1,800 by 2017
- Indirect jobs: 2,537 by 2017-2018
- Operations impact: $1 billion/year by 2018
- Property taxes allocated to Cincinnati Public Schools: $6.8 million in the first 15 years
- Sales tax revenue increases: $8,834,000
- New tax revenue: $1.9 million by 2018
- Parking revenue to Hamilton County: $26 - $35 million over 15 years