Covington to Offer Incentives for Cincinnati Company to Move HQ to RiverCenter
The Covington city commission will consider an economic development incentive next week for Cincinnati-based Hilltop Companies, known for its ready-mix concrete operations, which is looking to move some of its headquaeters and back-office jobs to the city's RiverCenter towers.
According to a document created by Covington Economic Development Director Tom West, Hilltop would locate 20 office jobs at 50 East RiverCenter Boulevard. Hilltop is currently located in a downtown Cincinnati building set to become a residential property, West said.
The average salary for the twenty jobs is $110,000, according to city documents. The jobs include sales, human resources, accounting, and their leadership team and would occupy close to 10,000 square feet of office space.
"This attracts a headquarters facility and continues to chip away at the ~30% vacancy rate in RiverCenter," West wrote. "The user brings high average salaries and it represents a $3.3 million company investment over the ten-year lease."
The company does not currently plan to add jobs, West said.
The proposed incentive would be a 1 percent payroll incentive for all jobs relocated and created in Covington.
The city estimates that Hilltop would generate over $540,000 in payroll tax revenue, of which more than $110,000 would be reimbursed to the company through the incentive. The city would have then collected a total of more than $430,000.
The city commission listened to a presentation on the matter during Tuesday night's caucus meeting and will vote on it at next week's legislative meeting. The issue was placed on the commission's consent agenda, which generally signals likely approval.
West credited Northern Kentucky Tri-ED for generating the lead that led to the opportunity for Hilltop to move to Covington.
Mayor Joe Meyer complimented the business environment in the city. "It's really great to see a major employer relocate to Covington," he said Tuesday night.
-Michael Monks, editor & publisher