Tuesday, January 29, 2002

Tristate Summary

State tax credit to increase jobs

        The Ohio Tax Credit Authority Monday approved tax credits for two business expansions expected to create more than 170 jobs in the next three years in Greater Cincinnati.

        The authority approved a 65 percent, eight-year credit for Intelligrated Systems LLC, a supplier of material handling equipment which recently announced plans to move from Blue Ash to Mason. The company will lease a combined office and manufacturing plant being built at Socialville-Foster Road and Innovation Way.

        Intelligrated employs about 40 and expects to add 147 jobs in the next three years, the Ohio Department of Development said. The city of Mason has provided a 100 percent Community Reinvestment Area tax exemption for 15 years.

        Douglas Machine & Tool Co., an Evendale specialty machine shop which does work for the aircraft and power generation turbine markets, received a 55 percent, eight-year credit to acquire an adjoining 20,000-square-foot building.

        The company, which now employs 84, expects to invest $1.6 million in the expansion and add 25 jobs over three years, the Department of Development said. The village of Evendale is providing about $400,000 in infrastructure improvements.

Lindners buy Provident stock

               The family of Reds owner Carl Lindner has purchased 45,500 shares of stock in Provident Financial Group Inc. during the last five weeks, bringing its stake in the local bank up to 41.4 percent of outstanding shares.

        The Lindner family filed a document with the U.S. Securities and Exchange Commission about the purchases.

        Mr. Lindner's office would not comment on the purchase, but he has been buying shares of Provident and American Financial Group Inc. consistently during the past several years.

Bank president to head UC board

               George A. Schaefer Jr., president and chief executive at Fifth Third Bank, has been elected chairman of the board of trustees at the University of Cincinnati.

        Mr. Schaefer has served on the UC board since 1995. He replaces Benjamin Gettler, chairman for two years.

        - From staff reports


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