(Cincinnati, Oh.) -- Cincinnati Bell has made a deal with the city of Cincinnati to move 600 jobs to downtown.
Cincinnati Mayor John Cranley announced the deal, Monday afternoon.
Cincinnati Bell has signed a letter of intent to lease 220,000 square feet of office space in the Atrium II building at 221 East Fourth Street. The communications company will also keep its operations center on Seventh Street. Another part of the deal is Cincinnati Bell will move 600 employees to the Atrium location over the next 12 to 18 months.
“We are excited to partner with Cincinnati Bell to bring jobs to Cincinnati,” said Mayor Cranley. “The addition of 600 Cincinnati Bell jobs will be a boon for our City.”
Cincinnati is offering a Property Investment Reimbursement (PIR) incentive to the company, which is a cash payment from the City, is designed to offset a portion of Cincinnati Bell’s net profits tax obligation. The PIR has a total value of $10.5 million.
Cincinnati Bell will have to keep its current number of employees, 652, and bring 600 new jobs into the city, and keep them for 15 years, in order to qualify for the PIR incentives.
City Council will decide whether to approve it.