GE says it lived up to its agreement with city on The Banks, despite move

GE says it lived up to its agreement with the city on The Banks, despite move
Published: Nov. 16, 2023 at 8:17 PM EST
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CINCINNATI (WXIX) - A spokesperson for General Electric said it lived up to its agreement on the incentive-laden lease it signed when it opened its headquarters on The Banks.

General Electric announced Wednesday it was moving its remaining 250 employees from its Global Operations Center to its Evendale plant.

The lease - signed seven years ago - was for 15 years. GE said the facility wasn’t scaled to meet their needs.

Its initial deal with the City of Cincinnati included a 100 percent property tax abatement for the building’s developers.

When asked if GE owed the city any outstanding money on the deal, a spokesperson for the company said it only received incentives if it met its goals.

“All of the incentives tied to the building’s development were multi-year, performance-based packages,” the company said. “We only received incentives where we met relevant requirements.

The city said it has been in contact with GE throughout the process of leaving The Banks. It said GE has acknowledged its outstanding financial commitments to Cincinnati.

Tracy Schwegmann, a spokesperson with The Banks, said while GE had a positive economic impact on the area, the development remains positive.

“I think the future is very bright for that building and will continue to be bright for The Banks,” Schwegmann said. “It’s been very positive after COVID-19 and I think it will keep going in that trajectory.”

GE moved to The Banks in 2015 after negotiating with several major cities.

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