Cincinnati is planning to give Valvoline Global Operations $510,400 in incentives to move Downtown.
In August, the company announced its plan to lease 50,000 square feet of space in 312 Elm St. − The Enquirer's former headquarters − for over 160 employees. As part of the move, the firm promises to create 54 new full-time jobs with a total payroll of $9.5 million. City records show the city will offer the company a six-year job creation tax credit valued at $410,400, which is equal to 40% of the new city income tax brought in by the new jobs.
The city will also give Valvoline Global a $100,000 grant for furniture, fixtures and equipment. The total office project is slated to cost $5.8 million.
The earliest that Cincinnati's nine-member city council
could vote on the incentive package is Wednesday, Sept. 16. It's currently slated for discussion during the council's Housing and Growth committee on Tuesday at 1 p.m. Both meetings will be livestreamed via CitiCable.
How much money will Cincinnati get in return?
The city says the new jobs are slated to generate $4.16 million in city earnings tax revenue over a 12-year period. With both the tax credit and the grant, the city's total return on its investment will be $3.65 million in tax revenue, or $7.16 in tax revenue for every $1 of incentives.
Valvoline Global is also expected to help revive vacant space in 312 Elm St., a western skyline tower near Paycor Stadium that's struggled to retain office tenants and went through a foreclosure auction in recent years.
This article originally appeared on Cincinnati Enquirer: Valvoline Global to get tax credit, furniture grant from city
