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BUSINESS

CBT president: City didn't do enough to help us

Bowdeya Tweh
btweh@enquirer.com

Construction is continuing on the new headquarters for CBT in Columbia Township as the company plans to move at least 120 jobs from Cincinnati later this year.

And with CBT's move, questions are emerging about whether the city did enough to convince the company to stay within its borders.

The move is a big deal for Columbia Township, which stands to gain about $100,000 a year in earnings taxes from the jobs, administrator Michael Lemon said. That money equals about 2.4 percent of the township's annual budget.

"It's a very well-respected company," Lemon said. "We're very excited about them coming. They've got extraordinary owners and leaders. They've been an absolute delight to work with."

CBT wants to open the new operation at 5500 Ridge Ave. by July 1, Lemon said. The company, which was founded in 1921, is currently in Queensgate at 737 W. Sixth St.

City Councilman Chris Seelbach said Friday he has asked Mayor John Cranley's administration to provide details on the circumstances that led to the company's exit from Cincinnati.

Seelbach said he sent a congratulatory message to the company learning it received an award. In a handwritten reply sent in November, CBT President James Stahl Jr. hinted the city staff members didn't do enough to help keep it in Cincinnati.

"CBT approached the city of Cincinnati about helping us stay in Queensgate where he have been since 1988," the letter said. "We were told by several individuals there is nothing the city could do and wished us good luck. Obviously we were shocked and disappointed."

Stahl couldn't be reached for further comment Friday. City officials with knowledge about CBT's plans couldn't be reached for comment Friday.

Seelbach said working to get information isn't designed to be a witch hunt, but to better understand what happened.

"Whenever we hear of business leaving the city we need to know we did our best to keep them growing here," Seelbach said. "When I received Mr. Stahl's letter, I was concerned that the city administration could have missed out on a win-win keeping good paying jobs in Queensgate and helping CBT grow. We're sad to see them go and I've asked the city administration to report to council on how this one got away."

It's not immediately clear whether Stahl or CBT representatives requested tax incentives from the city to help support their plans. CBT's search for new space or requests could have happened as early as 2013, meaning the issue could extend to Mayor Mark Mallory's administration.

A block away from CBT, Shelterhouse, formerly the Drop Inn Center, opened last year in the former Butternut Bread factory.

Queensgate is being planned to function as a hub to serve companies like CBT with the city of Cincinnati, the Port of Greater Cincinnati Development Authority and Neyer Properties serving as significant property owners in the neighborhood.

The Columbia Township site once featured a Kmart store, which has since been demolished after closing more than a decade ago. The property remained sat undeveloped for several years because of legal issues, but Neyer Properties and Vandercar Holdings were able to acquire it, Lemon said.

To support the project, Columbia Township acquired the property and issued nearly $2.9 million in tax increment revenue bonds to facilitate CBT's new commercial office building and warehouse.

The company is bringing about $10 million in annual payroll to Columbia Township and will soon be among its largest employers.

CBT, formerly Cincinnati Belting & Transmission, was ranked No. 64 among the 100 largest privately held companies in Greater Cincinnati based on revenue. The Deloitte 100 Cincinnati USA list reported CBT generated $143.3 million in 2014.