It’s official. The General Electric Co. Has selected downtown Cincinnati’s riverfront development The Banks to build it’s first and only U.S. Global Operations Center.
Cincinnati and Hamilton County elected officials approved a package of incentives Monday morning to seal the deal for the GE center and it’s approximately 2,000 office workers. The company will receive income tax breaks, property tax exemptions and parking discounts from the local governments.
The company’s plans are to build a 10-story, $90 million facility where the Fortune 500 manufacturer of jet engines, washing machines and medical scanners will consolidate finance, technology, human resources and other corporate administrative functions.
While some city council members questioned how good the history-making deal was for citizens (the financial incentives are among the most lucrative in city history), the measures still passed unanimously.
“We won this deal,” Mayor John Cranley said. “We did have to make concessions but it was worth winning the deal.”
By Chelsey Levingston - Dayton Daily News, Ohio (MCT)
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