Mayor John Cranley announced a proposed deal with Cincinnati Bell Inc. Monday that would increase the company's presence downtown.
As part of the deal, Cincinnati Bell signed a letter of intent to lease office space in the Atrium II building at 221 E. Fourth St. downtown. Cincinnati Bell also agreed to maintain its Seventh Street operations center.
Right now, Cincinnati Bell employs about 3,000 people in greater Cincinnati with 652 workers based downtown. Under the deal, Cincinnati Bell would move 600 employees who currently work outside of the city to the Fourth Street location during the next 12 to 18 months.
"We are excited to partner with Cincinnati Bell to bring jobs to Cincinnati," said Cranley. "The addition of 600 Cincinnati Bell jobs will be a boon for our city. There has been tremendous growth downtown recently and this will help continue the momentum."
The city is offering a Property Investment Reimbursement (PIR) incentive to Cincinnati Bell for the deal. A PIR incentive is a cash payment from the city meant to offset a portion of the company's net profits tax.
The PIR package offered to Cincinnati Bell has a total value of up to $10.5 million.
Cincinnati Bell will need to commit to retaining its current employees and to bringing 600 new jobs to the city to qualify for the incentives.
The company must maintain these jobs within the city for a total of 15 years.
Cincinnati City Council still has to review the deal and decide whether to approve it.
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