Ohio Gov. John Kasich stopped in Cincinnati on Monday to announce that Omnicare is moving its headquarters from Covington to Cincinnati.
Omnicare officials say they will move 484 employees into the City of Cincinnati and, over the course of its new lease, grow to 630 employees.
City officials say these are new jobs for the City of Cincinnati that will boost the city's tax revenue by over $338,000 annually.
Omnicare be located at the Atrium One building downtown Cincinnati. It was located in RiverCenter in Covington. The move will begin in December of this year and is expected to be completed by June of 2012.
The city has agreed to provide Job Creation Tax Credit equal to fifty percent of new income tax revenue from new jobs from 2012 to 2018.
Omnicare will lease 150,000 square feet of office space.
Terms of the deal will go before the City's Budget and Finance Committee to allow for discussion and public comment before going to City Council for a vote.
Hamilton County has offered market-rate parking for Omnicare and is working directly with the company.
The City incentive is combined with financial support from the State of Ohio. The State of Ohio will provide a Job Creation Tax credit equal to seventy five percent of new income tax revenue from new jobs for 10 years.
Omnicare dispenses drugs to nursing homes and long-term-care facilities. The company said in a release that the decision was made to make its operations more efficient.