Monroe has seen several projects approved for Ohio tax credits in the past five years for companies including Bed Bath & Beyond, Amazon.com, Deceuninck North America, Hayneedle, SSB Manufacturing Company and UGN.
FIRST REPORT: State tax credits pave the way for Bed Bath & Beyond’s 900 new jobs in Monroe
Those projects represent a total estimated investment of nearly $107 million, creating 1,492 jobs and retaining 741, according to an analysis of state data by the Journal-News.
The Ohio Tax Credit Authority on Monday approved a 1.467 percent, 10-year Job Creation Tax Credit for the latest project — a Bed Bath & Beyond distribution center located on 62 acres off Salzman Road, across from a Kohl’s Distribution Center.
The 827,080-square-foot facility will create approximately 900 full-time jobs generating $26.6 million in new annual payroll, officials said.
“Job Creation Tax Credits can be an important part of a project’s incentive package,” said Jennifer Patterson, Monroe’s assistant to the city manager. “We appreciate REDI Cincinnati and JobsOhio for recognizing that 900 full-time positions will benefit residents of Monroe and its surrounding communities.”
The project “is a testament to the continued growth of Greater Cincinnati and we are proud to support Monroe’s continued growth,” said Johnna Reeder, president & CEO of REDI Cincinnati, the first point-of-contact for companies locating or growing in the 15-county region at the heart of Southwest Ohio, Northern Kentucky and Southeast Indiana.
Construction of the Bed Bath & Beyond distribution center, which is a $39.7 million investment, is anticipated to be completed by winter 2019.