The Enquirer is obviously silent on the subject.

Indeed. They learned their lesson, like a well-trained lap dog.

First Financial announces location for downtown headquarters

 

CINCINNATI – June 19, 2011 – First Financial officially announced the site of the company’s new corporate headquarters today. Located at 255 East Fifth Street, this prominent building is in the heart of the downtown central business district and is currently known as Chemed Center.

 

“This is an exciting day for all of us at First Financial. We’re proud to expand our presence in Cincinnati,” said Claude Davis, First Financial president and CEO. “As we continue to execute our strategic growth and expansion plans, the new corporate headquarters provides us with the opportunity to rename the building and establish the First Financial Center. We also look forward to opening our first downtown retail banking center.”

 

First Financial entered a long-term lease agreement and will be establishing approximately 150 jobs in the central business district. Downtown clients, residents and visitors will enjoy a full complement of personal banking, business banking and wealth management solutions at a new banking center on the first floor of the building. The company will also add the First Financial name to the Cincinnati skyline with branded signage at the top of the building.

 

Cont

 

 

This, as a standalone announcement, is a snoozer-- This as a trend of many companies moving downtown, leaving suburbs or perhaps NKY and moving downtown it's exciting.

Chiquita considering move to Charlotte

Business Courier by Dan Monk, Susan Stabley and Will Boye , Staff reporters

Date: Tuesday, September 13, 2011, 2:33pm EDT - Last Modified: Tuesday, September 13, 2011, 3:40pm EDT

 

Chiquita Brands International Inc. is eyeing Charlotte, N.C., for a corporate headquarters relocation from Cincinnati, according to sources familiar with the situation.

 

The company is seeking about 150,000 square feet of office space and has toured properties in the uptown and Ballantyne areas of Charlotte. Chiquita (NYSE: CQB) has about 330 employees based at its headquarters in Cincinnati.

 

An incentive package for Chiquita being considered by the city of Charlotte, Mecklenburg County and the state is valued at between $5 million and $6 million, according to sources who have seen the overall proposal.

 

Cont

 

or

 

the Enquirer's version

Kasich was right: http://cincinnatiwire.com/2011/09/13/chiquita-pondering-charlotte-for-relocation/

Kasich and Mallory to make economic development announcement

Business Courier - Date: Monday, September 19, 2011, 9:29am EDT

 

Ohio Gov. John Kasich and Cincinnati Mayor Mark Mallory are scheduled to make an economic development announcement at noon today.

 

The governor and mayor will be joined by other business representatives and local officials at the Atrium One building.

^ Omnicare is crossing the river!

^ Yup!

 

Omnicare moving to Cincinnati

 

State and city officials plan to announce today that pharmacy giant Omnicare will move its headquarters from Covington to downtown Cincinnati.

 

A Hamilton County official confirmed that Ohio Gov. John Kasich and Cincinnati Mayor Mark Mallory will announce today that the Fortune 500 company will move its offices from RiverCenter in Covington to Atrium One in downtown Cincinnati.

 

Kasich and Mallory have scheduled a noon press conference with business leaders and others at Atrium One.

Very lame.

 

We "gain" Omnicare from KY, meanwhile we (might) lose Chiquita to NC.

 

We know which is relevant to the long term health of the city/region. Do Mallory and Kasich?

Um.... Omnicare is 600 jobs moving to Cincinnati (300+ from KY, 250+ from West Chester). Plus, Omnicare ALSO did a national search to consider leaving. They're both very important, this was still a good thing.

 

The Omnicare move is GREAT for the City and state, but not a big deal for the region.  I agree that Chiquita is important, but if their number one problem is the airport, that's not going to change in the short term.

Now Ky can use that 20 million dollar incentive to lure Chiquita to Ky. What an odd way business is these days. Got to blame the government for caving in.

^ These incentives to get businesses have been going on for decades and decades. In the 80's incentives are how we even GOT Chiquita in the first place, AND how Covington got Omnicare.

 

This is nothing new, and KY is not getting Chiquita.

What am I missing?  We offered $30 million in incentives and expect to earn $4 million over 10 years?  Obviously I'm missing something b/c this would be a horrible deal.

This is the unused Convergys space correct?

 

Things like this would make you think Why would KY fight for more flights and for the Brent Spence bridge if Ohio Benefits more from it.

What am I missing?  We offered $30 million in incentives and expect to earn $4 million over 10 years?  Obviously I'm missing something b/c this would be a horrible deal.

 

I have no idea where you got the $30 million number....

 

"Omnicare will receive job creation tax credits from Ohio worth $6 million over seven years. It will receive an income tax break from Cincinnati worth $2.4 million over seven years."

 

That's the total package.

What am I missing?  We offered $30 million in incentives and expect to earn $4 million over 10 years?  Obviously I'm missing something b/c this would be a horrible deal.

 

I have no idea where you got the $30 million number....

 

"Omnicare will receive job creation tax credits from Ohio worth $6 million over seven years. It will receive an income tax break from Cincinnati worth $2.4 million over seven years."

 

That's the total package.

He is right. Ky offered 20 million in incentives and Ohio offered 30 million.

Can you site that?  I can't find those numbers anywhere and the article said $8 million.

 

"Enticing Omnicare to move is more than $8 million in tax breaks from Ohio and Cincinnati."  Where is $30 million written??

http://www.wlwt.com/money/29228540/detail.html

 

http://www.bizjournals.com/cincinnati/print-edition/2011/09/09/battle-heats-up-over-omnicares-hq.html

http://www.kypost.com/dpps/news/region_central_cincinnati/downtown/omnicare-moving-from-covington-to-cincinnati_6747283

 

http://www.forbes.com/feeds/ap/2011/09/19/general-health-care-us-omnicare-cincinnati_8688566.html

 

http://www.bizjournals.com/cincinnati/news/2011/09/19/omnicare-will-move-to-cincinnati.html

 

http://www.bizjournals.com/columbus/morning_call/2011/09/omnicare-bringing-hq-back-to-ohio-from.html

 

http://news.cincinnati.com/article/20110919/BIZ01/309190041/

 

 

The Business Courier article you cited states rumored offers from 10 days before the announcement.  The WLWT is simply mistaken.  The offer was $8 million in tax incentives, NOT $30 million.

Nielsen also looking in Ohio

2:55 AM, Sep. 20, 2011

Laura Baverman

 

Nielsen, another large Covington company, could soon follow Omnicare Inc. across the river and into Ohio.

 

Government officials and real estate sources confirm that the global information and analytics provider is considering several large chunks of office space in downtown Cincinnati to move more than 500 workers.

 

http://news.cincinnati.com/article/20110919/BIZ01/309190086/Nielsen-also-looking-Ohio?odyssey=tab|topnews|text|

 

 

Moves like this are good for the City, but do nothing for the region.  I'd rather have a company get pulled from Minneapolis, Indy or Salt Lake City than simply hop across the river.  Those are the moves that have long term impacts to the region.

http://www.kypost.com/dpps/news/region_central_cincinnati/downtown/omnicare-moving-from-covington-to-cincinnati_6747283

 

http://www.forbes.com/feeds/ap/2011/09/19/general-health-care-us-omnicare-cincinnati_8688566.html

 

http://www.bizjournals.com/cincinnati/news/2011/09/19/omnicare-will-move-to-cincinnati.html

 

http://www.bizjournals.com/columbus/morning_call/2011/09/omnicare-bringing-hq-back-to-ohio-from.html

 

http://news.cincinnati.com/article/20110919/BIZ01/309190041/

 

 

The Business Courier article you cited states rumored offers from 10 days before the announcement.  The WLWT is simply mistaken.  The offer was $8 million in tax incentives, NOT $30 million.

 

Regardless, I still don't see how this benefits the city.  We're spending $8 million to make $4 million.  Again, what am I missing?

I guess you could look at it this way. Ohio gains 4 million since they are not actually writing Omnicare a check.

^ Yeah, a lot of people still get confused about what tax incentives actually are.  There was $12 million in new potential revenue for Ohio, but Omnicare bartered and came out in pretty good shape only having to pay $4 million, after the $8 million incentive.

http://www.kypost.com/dpps/news/region_central_cincinnati/downtown/omnicare-moving-from-covington-to-cincinnati_6747283

 

http://www.forbes.com/feeds/ap/2011/09/19/general-health-care-us-omnicare-cincinnati_8688566.html

 

http://www.bizjournals.com/cincinnati/news/2011/09/19/omnicare-will-move-to-cincinnati.html

 

http://www.bizjournals.com/columbus/morning_call/2011/09/omnicare-bringing-hq-back-to-ohio-from.html

 

http://news.cincinnati.com/article/20110919/BIZ01/309190041/

 

 

The Business Courier article you cited states rumored offers from 10 days before the announcement.  The WLWT is simply mistaken.  The offer was $8 million in tax incentives, NOT $30 million.

 

Regardless, I still don't see how this benefits the city.  We're spending $8 million to make $4 million.  Again, what am I missing?

 

The CITY is spending $2.4 million over 7 years to make 4.4 million over 10 years, plus additional revenue for having 500 new bodies working, parking & spending downtown. Also, downtown vacancy rates drop. The City gets to say another Fortune 500 company is located in downtown, etc.

 

The state is paying $5 million. 

Moves like this are good for the City, but do nothing for the region.  I'd rather have a company get pulled from Minneapolis, Indy or Salt Lake City than simply hop across the river.  Those are the moves that have long term impacts to the region.

 

Nielson is looking to move across the river and cause a RiverCenter building to be almost vacant...

Thanks for the answers.  I wasn't trying to argue that this was a bad move, but to Ram23's point, I don't understand clearly how tax incentives work, which is why I was asking the question.

http://www.kypost.com/dpps/news/region_central_cincinnati/downtown/omnicare-moving-from-covington-to-cincinnati_6747283

 

http://www.forbes.com/feeds/ap/2011/09/19/general-health-care-us-omnicare-cincinnati_8688566.html

 

http://www.bizjournals.com/cincinnati/news/2011/09/19/omnicare-will-move-to-cincinnati.html

 

http://www.bizjournals.com/columbus/morning_call/2011/09/omnicare-bringing-hq-back-to-ohio-from.html

 

http://news.cincinnati.com/article/20110919/BIZ01/309190041/

 

 

The Business Courier article you cited states rumored offers from 10 days before the announcement.  The WLWT is simply mistaken.  The offer was $8 million in tax incentives, NOT $30 million.

 

Regardless, I still don't see how this benefits the city.  We're spending $8 million to make $4 million.  Again, what am I missing?

 

The CITY is spending $2.4 million over 7 years to make 4.4 million over 10 years, plus additional revenue for having 500 new bodies working, parking & spending downtown. Also, downtown vacancy rates drop. The City gets to say another Fortune 500 company is located in downtown, etc.

 

The state is paying $5 million. 

 

I thought the 4.4 million would include the 500 bodies, parking, etc?

I thought the 4.4 million would include the 500 bodies, parking, etc?

 

I thought the $4.4 million was just the income taxes.  Does anyone know what budget pot the $2.4 million in tax breaks comes from (i.e. capital)?

For a F500 company 8 million is puny. They can lose or make that in a couple of days. Had to be something else not discussed. Almost free rent may have helped.

 

Correction, F400 company that soon wants to be a F200 company.

For a F500 company 8 million is puny. They can lose or make that in a couple of days. Had to be something else not discussed. Almost free rent may have helped.

 

Correction, F400 company that soon wants to be a F200 company.

 

They mentioned Ohio's "favorable corporate tax rate". 

BS on that. Because it hasn't changed much if any when Chemed first left to goto KY.

^ KY closed a bunch of corporate tax loopholes last year.  That may have been what they were talking about.

Nielsen set to move to Chiquita Center

Market research firm to leave RiverCenter space

 

It looks like Covington is about to get the second half of a double whammy.

 

Nielsen    has told its roughly 500 Covington employees that they will relocate to downtown Cincinnati’s Chiquita Center by Jan. 1. A Nielsen employee, who requested anonymity, said employees were told this week that the global market research company will occupy floors nine through 12 at the 29-story office tower at 250 E. Fifth St. Nielsen officials declined comment.

 

A Nielsen relocation comes on the heels of a Sept. 19 announcement that Omnicare Inc.    will move nearly 500 employees to the Atrium One building on Fourth Street. Omnicare and Nielsen are both tenants at Corporex Cos.’ RiverCenter complex.

 

Corporex executive Tom Banta said he has not been notified of the move. He added that Nielsen has two years left on its lease.

 

Cont (Premium Content from Business Courier)

And people complained when Kentucky "poached" jobs for RiverCenter. Now, with Nielsen moving, we have one entire RiverCenter tower essentially empty.

 

In reality, Kentucky's recent corporate tax loophole changes have led to Nielsen and Omni to relocate.

The moves will lower the vacancy rate of downtown Cincinnati. But now Covington will have a glut of office space. Would that prevent downtown from building another tower? Even though it's two different locations.

I'm not trying to downplay the significance of tax breaks, as I'm sure they play a big role in  both Omnicare and Nielson's move to Downtown, but I also think there is something more going on here.  I think that companies are looking for either urban, downtown locations, or they are looking for suburban office space.  With the downtown location, you get all the benefits of agglomeration of services and talent, all the restaurants and services, and the prestige of being in a downtown tower.  Suburban locations give free parking, often cheaper rents, and a lower density that allows for more sprawling complexes.  Quasi urban locations like the Covington towers or the Baldwin Center in Walnut Hills kind of offer the worst of both worlds, IMO. 

 

And people complained when Kentucky "poached" jobs for RiverCenter. Now, with Nielsen moving, we have one entire RiverCenter tower essentially empty.

 

In reality, Kentucky's recent corporate tax loophole changes have led to Nielsen and Omni to relocate.

Tiffany renews downtown lease

 

Tiffany & Co. has renewed its lease in downtown Cincinnati, the company said Monday. Terms of the lease agreement were not disclosed.

 

Tiffany & Co., which employs 19 in Cincinnati, will maintain its 7,500 square foot retail space at Fountain Place, just off Fountain Square at 505 Vine St.

 

In a news release, Susanne Halmi, group director of Tiffany & Co., said, “We are thrilled to be part of the energy and revitalization of downtown Cincinnati. The riverfront development in Ohio and Kentucky; the revival of Fountain Square, the blocks surrounding it and Over the Rhine; and the recent opening of the Great American Tower at Queen City Square all influenced our decision to renew our lease in our current location.”

 

Cont

Queen City Cookies expects 25% increase in sales.

http://www.bizjournals.com/cincinnati/print-edition/2011/10/28/queen-city-cookies-new-contract-set.html

Lack of diversity hinders Greater Cincinnati

Bilingual scarcity hurts businesses, threatens loss of Chiquita

 

 

3:14 AM, Oct. 30, 2011

 

Written by

Laura Baverman

 

 

Doctors, nurses and administrators see patients from dozens of countries each year at internationally renowned Cincinnati Children's Hospital Medical Center.

 

International business makes up more than half of General Cable Corp.'s revenues. The Kroger Co. just hired a store manager in Price Hill who is fluent in Spanish.

 

As affairs of the region go global, so grows the need for workers to be fluent in the languages and customs of people they serve.

 

But increasingly, that need is becoming harder to fill in Greater Cincinnati and Northern Kentucky.

 

According to U.S. Census data, just 5 percent of local residents speak a language other than English at home. That's among the lowest percentage of any major metropolitan area in the nation including Cleveland, Indianapolis, Lexington, Nashville, Charlotte and Detroit.

Goodbye Chiquita.

http://news.cincinnati.com/article/20111129/BIZ01/311290018/Report-Chiquita-leaving

 

But now we get to look forward to 600 jobs filling the 300 that Chiquita is taking out of the city, and the Nielsen name that will adorn the building...

Goodbye Chiquita.

http://news.cincinnati.com/article/20111129/BIZ01/311290018/Report-Chiquita-leaving

 

But now we get to look forward to 600 jobs filling the 300 that Chiquita is taking out of the city, and the Nielsen name that will adorn the building...

 

It was only a matter of time. Regardless of if the city gave them a good incentive package to stay or not, CVG simply does not support their travel needs any longer and that's the bottom line. I think this should be fair warning to city leaders to be as aggressive as possible with maintaining and growing service at CVG. The only reason we even have the flights we do have right now (ie. CVG-CDG) is because of the robust business community here.

And who wins in this? Chiquita. Cincy and Charlotte both lose: Cincy 300 jobs and the tax base; Charlotte $22M in tax incentives, most of which will most likely never be recouped.

Chiquita is no longer a F500 company. Is this move suppose to somehow regain that??

And who wins in this? Chiquita. Cincy and Charlotte both lose: Cincy 300 jobs and the tax base; Charlotte $22M in tax incentives, most of which will most likely never be recouped.

 

US Airways does...they now have a new major corporate client with millions of dollars in premium business travel around the globe...

^OH really? So how did they get to those places around the world before?

^ delta, before all the flights got cut. This is about 90% the fault of the airport. The incentives were a small part of it, but I'd we had the same flights as we did in 2005 Chiquita wouldn't have been so gung-ho about leaving