A pair of Cincinnati tax incentive packages will lead to a new headquarters, at least 45 new jobs, and tens of thousands of dollars in annual income tax revenue.
Keidel Supply Company, Inc., a wholesale distributor of residential and commercial plumbing products, custom cabinetry and fine appliances, has received a Community Reinvestment Area (CRA) tax exemption agreement and a property investment reimbursement agreement to renovate a 135,000-square-foot building at 1150 Tennessee Avenue in Paddock Hills into a new headquarters, warehouse and showroom.
Employees from the Norwood headquarters and from its Madeira and Sharonville locations will be relocated to the new site. The company's Westwood branch will be unaffected.
The 12-year, 75 percent CRA tax exemption would reduce Keidel's real property tax liability by $97,580 over the life of the agreement.
The ten-year property investment reimbursement agreement will provide funding of up to $300,000, with annual payments limited to 50 percent of income tax revenues generated from the new jobs. It is estimated that the City will receive $210,000 in new income tax revenue over those ten years.
The $400,000 renovation project will be completed by the end of this year.
Keidel Supply Company has been in the Greater Cincinnati market since 1911.
Tuesday, May 25, 2010
Cincinnati incentives lead to new HQ, 45 new jobs
