Wednesday, May 6, 2009

Cincinnati considering tax exemption for Burke

Cincinnati City Council is considering an ordinance that would extend a LEED Community Reinvestment Area (CRA) tax exemption to market research firm Burke, Inc. for its Downtown expansion project.

Burke has announced plans to renovate a two-story, 78,000-square-foot industrial building at 500 W Seventh Street to LEED Silver, Gold, or Platinum standards.

The $6 million renovation, designed by bhdp architecture, also would include the construction of a 16,000-square-foot third-floor addition.

Under the agreement, Burke would be exempt from City property taxes for 12 years.

Under a separate agreement, the company would pay Cincinnati Public Schools 25 percent of the exempt property tax amount.

The project is scheduled for completion in May 2010.

The employee-owned company, which saw its revenues grow 13.7 percent between 2007 and 2008, is moving its 229 Downtown employees from a 52,000-square-foot space at Centennial Two.