Citizens For A Better Norwood

Wednesday, May 26, 2010

Building Cincinnati: Keidel Supply relocating to Paddock Hills

Thanks to two Cincinnati tax incentive packages, Keidel Supply Company, Inc. is closing its Norwood, Madeira and Sharonville locations by the end of the year and moving them to a new 135,000-square-foot headquarters, warehouse, and showroom at 1150 Tennessee Avenue in Paddock Hills. A 12-year, 75% Community Reinvestment Area (CRA) tax exemption that will reduce Keidel’s real property tax liability by $97,580, and a 10-year property investment reimbursement agreement will be used to renovate an existing building on Tennessee Avenue. The latter, according to Cincinnati Building blog, “will provide funding of up to $300,000 with annual payments limited to 50% of income tax revenues generated from new jobs. It is estimated that Cincinnati will receive $210,000 in new income tax revenue over those ten years.”

(h/t Cameron)