Cincinnati 2006 tax incentives productive

The City's property tax exemptions made positive gains in 2006.

During the annual meeting of the Tax Incentive Review Council (TIRC), it was revealed that Enterprise Zone job creation exceeded agreement requirements by 6.9 percent and that investment exceeded requirements by 53.2 percent. Other tax incentive programs created 183 percent more jobs than required and 29.9 percent more in investment*.

As a requirement of the Ohio Revised Code, the TIRC reviews compliance on the City's tax exemption agreements and makes recommendations on continuation, modification or termination.

Tax exemption agreements provided by the City include Enterprise Zone, Community Reinvestment Area (CRA), Tax Increment Financing (TIF) and Community Urban Redevelopment Corporation (CURC).

Of the 70 Enterprise Zone agreements active in 2006, 35 were found to be in compliance and 3 expired. Fifteen will continue to be monitored, 10 will be modified (usually dropped a year for not submitting an annual report), and 4 were deemed too new to review. Duke Energy and Ohio Tile and Marble dropped out of their agreements voluntarily, while Delta Air Lines was terminated for not fulfuilling job goals and for not filing the proper paperwork with the county.

The TIRC voted to continue the CRA, TIF and CURC agreements without modification.

Voting members of the TIRC include a representative of the Hamilton County Auditor, City Council, the City Manager, the Cincinnati Board of Education and the citizens and act on information provided by the Department of Community Development and Planning.

* Enterprise Zone: 13,581 jobs achieved, 12,707 jobs required (+874 jobs)
$510,202,739 investment achieved, $332,969,455 investment required (+$177,233,284 investment)
* Other tax exemptions: 1,277 jobs achieved, 451 jobs required (+826 jobs)
$347,762,610 investment achieved, $267,808,000 investment required (+$79,954,610 investment)