The Hamilton County Board of Commissioners has approved a plan to give an eight year tax incentive to Mike Albert Fleet Solutions for expansion in Evendale. Hamilton County Development Company (HCDC), the county’s contracted economic development partner, put together the deal that is expected to bring about 50 new jobs and retain the more than 150 positions currently at that location.
“This shows our focus of economic development and growing our base is paying off,” Commission President Greg Hartman said.
While working to attract new businesses to Hamilton County, HCDC places a premium on helping existing businesses expand. According to the Edward Lowe Foundation, a foundation that researches entrepreneurship more than 70 percent of the job growth in the U.S. from 1990 to 2008 came from existing and expanding companies.
Mike Albert Fleet Solutions has been in operation for nearly 60 years and has 154 employees. The tax incentive from the county will be on a $1.3 million building expansion. The tax break will equate to 75 percent on the additional tax value the remodeling brings.
“This deal demonstrates why working with the companies that already know Hamilton County is a great place to do business is so effective,” said HCDC President David K. Main. “Keeping companies here healthy is the best way to expand our economic base.”
The Cincinnati Enquirer reported that, this is the fifth time the county has provided tax incentives to companies in the last year. That has helped to retain 1,117 jobs and created 582 new ones.
Mike Albert’s current payroll is about $9 million annually. Over the next three years, the company expects payroll to increase to more than $11 million.
Prior to agreeing to the tax incentive by Hamilton County, Mike Albert considered moving out of Ohio.