Following the state's approval of a 45 percent, six-year tax credit, the Hamilton city council approved its own tax incentive for ThyssenKrupp Bilstein of American Inc.'s $11.2 million expansion in Hamilton recently, the Middletown Journal reports (See our Aug 07, 2013, blog post for more information). The city council approved "a credit on income taxes of 60 percent for nine years, an estimated annual value of $39,944." The state's incentive requires the creation of 100 jobs, while the city's requires "reasonable effort to be made to hire Hamilton residents," the article said.
Pepperidge Farm is planning a $93 million expansion of its Willard plant to make more Goldfish crackers, The Plain Dealer reports. The expansion project, which is expected to create about 50 jobs, received "job-creation and workforce training assistance from JobsOhio," as well a tax abatement from Willard and Huron counties, and bond financing from the Development Finance Authority of Summit County.
The Parma City Council recently approved a tax increment financing (TIF) agreement between the city, Parma City School District and Phillips Edison & Co. to help finance renovations of The Shoppes at Parma, The Plain Dealer reports. Under the terms of the TIF agreement, Parma city schools would lose $355,000 annually in property taxes. In exchange, Phillips Edison, which owns the mall, "would give the schools an upfront payment of $2.35 million to help offset the loss in property-tax revenue."
Economic incentives in the news last week
