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PROGRAM: Provides for real and/or personal property tax exemption of 36% for up to 10 years (remaining 64% must be paid to Cincinnati School District). Projects receiving greater exemption to a maximum of 75% are considered on a case-by-case basis. Project must create or retain jobs, must be located within the City's Enterprise Zone, estimated exemption value over the term of the agreement should be half of the new income tax revenue over the life of the agreement.
PROGRAM GOAL: Create and retain jobs and stimulate private investment primarily in the commercial/industrial sector.
TYPE OF ASSISTANCE: Tax exemption
INCENTIVES: Tax abatement equal to approximately 36% of personal and/or real property taxes associated with new investment for up to 10 years.
ELIGIBILITY: Substantial new investment required. Existing land and building values are not eligible (Exception: Brownfield sites). Projects must involve establishment of a new facility, expansion of an existing facility (equal to at least 10% of market value of the facility prior to such expenditures), renovation of existing facility (equal to at least 50% of market value of the facility prior to such expenditures), or occupancy of a vacant manufacturing facility (with improvements equal to at least 20% of market value of the facility prior to such expenditures). Projects which involve the relocation of employment positions or assets from one Ohio site to another require a minimum of 30 days prior notice of the formal review meeting to the community from which the employees or assets are to be relocated.
ELIGIBLE/ INELIGIBLE USES: Companies located outside of the designated Enterprise Zone are not eligible unless it is a recommendation of the Department that the Enterprise Zone be expanded. Existing investment is not eligible. New investment cannot be made prior to the existence of a fully executed Enterprise Zone Agreement.
EVALUATION: The Tax Incentive Review Council reviews all current agreements annually and recommends corrective action if necessary.
RATES/FEES: There is a one-time application fee of $750.00 payable to the Ohio Department of Development. There is an annual City monitoring fee equal to the greater of 1% of the dollar value of incentives offered (not to exceed $2,000) or $500.00, payable on or before the anniversary of the effective date of the agreement.
APPROVAL: Requires City Council approval.
PROGRAM EXAMPLES: Madisonville Fifth Third Processing Center, Harlan Typographics, Mutual Manufacturing.
Download Application
Download Fact Sheet
Contact: Eric Denson, Senior Development Officer
Phone: (513) 352-4981
Fax: (513) 352-6257
eric.denson@cincinnati-oh.gov | |
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