The law firm of Horenstein, Nicholson & Blumenthal has signed a new 10-year lease for office space in downtown Dayton.
The company signed a lease in the CareSource Ballpark Village building. The firm also commited to hire 10 new employees.
Earlier this month, Dayton City Commissioners approved a performance-based development grant of up to $350,000 for the firm. According to the agreement, the firm will receive this grant after it has hired the 10 employees and verified the payroll tax withholdings.
City Manager Shelley Dickstein said this agreement keeps 47 high-paying jobs downtown and expands the city’s income tax base through new hires.
"It secures their existing income tax for the next 10 years due to the lease in the Caresource Ballpark Village Building," Dickstein said.
The city of Dayton has used performance-based incentives before. Dickstein said this strategy secures long-term job retention, supports new employment growth, and preserves a significant payroll tax base in downtown Dayton, which helps to support the rest of the community.
"It's an important part of retaining the critical mass that we need in downtown, which is our economic engine for the whole city, generating 65% of our general fund annually," Dickstein said.
According to the city’s management and budget director, Dayton has a general fund of $273.7 million.
