CINCINNATI--(BUSINESS WIRE)--Phillips Edison & Company (the “Company”) today announced it will receive a $547,000 Job Creation Tax Credit from the State of Ohio to help boost the greater Cincinnati economy. The Company has committed to creating an additional 65 jobs at its headquarters in Cincinnati, adding $200,000 in capital investment through an incentive program spearheaded by REDI Cincinnati, the region’s leading economic development initiative.
“We’re excited to see Phillips Edison & Company grow,” said Kimm Coyner, Vice President of Business Development and Projects at REDI Cincinnati. “This nationally recognized company has a legacy of strong growth that its leadership continues to build upon.”
Phillips Edison & Company, one of the nation's largest owners and operators of grocery-anchored shopping centers, received the grant from the Ohio Tax Credit Authority. The Company currently retains over 180 jobs in the region.
“We are thrilled for the opportunity to not only boost Ohio’s economy through job creation and commitment to growing our business locally, but to participate in an incentives program that directly benefits our most important asset, our people,” said Jeff Edison, Principal and Chief Executive Officer of Phillips Edison & Company.
The Ohio Job Creation Tax Credit (JCTC) supports participating companies that create jobs in the state of Ohio. The credit is calculated based on Phillips Edison & Company’s net new Ohio employee payroll and then applied toward the Company’s commercial activity tax liability.
“Phillips Edison’s investment demonstrates its confidence in Ohio’s business climate and talent,” said JobsOhio’s Senior Managing Director Aaron Pitts. “This successful company is growing operations nationwide, and we are pleased Phillips Edison has chosen Southwest Ohio for this expansion, which will bring 65 additional jobs to the area.”
About Phillips Edison & Company
Since 1991, Phillips Edison & Company has focused on the grocery-anchored shopping center sector. The company has a fully integrated in-house operating platform built on market leading expertise designed to optimize property value and consistently deliver a great shopping experience. Led by a veteran management team, Phillips Edison’s operating platform provides retail services including acquisition, redevelopment, leasing and management of grocery-anchored retail centers. The company’s portfolio currently includes a national footprint of retail properties. The company has corporate offices in Cincinnati, Salt Lake City, New York City and Atlanta. For more information, please visit www.phillipsedison.com or connect with us on LinkedIn.
About REDI Cincinnati
The Regional Economic Development Initiative (REDI) Cincinnati leads the economic development effort in the three-state, 15-county region at the intersection of Ohio, Kentucky and Indiana. The organization was formed in 2014 as a means to improve the region’s ability to successfully retain, grow and attract companies. REDI serves as a single point-of-contact for target companies, makes greater use of the local business community in the recruiting process and focuses on economic development efforts. For more information, please visit redicincinnati.com.
About JobsOhio
JobsOhio is a private, non-profit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention, and expansion efforts. As part of this statewide effort, JobsOhio works closely with its regional economic development partners, known collectively as the JobsOhio Network. With deep ties to local business communities, the six-region Network provides the necessary connectivity to achieve a One Firm, One State approach to selling Ohio. Learn more at jobs-ohio.com.
