Westlake City Council recently passed several financing agreements for a project to construct Crocker Park Creative Studios, which will host the new world headquarters for greeting card company American Greetings, The Morning Journal reports. A tax increment financing (TIF) agreement with the company is expected to generate at least $450,000 annually for the Westlake City School District, and bonds will be used "for construction of roads, utilities and three public parking garages." Tax revenue for Westlake is "guaranteed to be at least $132 million" once all of the company's 1,800 employees and other retailers move to the expanded area. As part of the deal, American Greetings receive a tax rebate on employee income taxes of 0.5 percent. "Westlake will collect 1.5 percent from employees, while agreeing to give the company 0.5 percent back. Refunds will be issued to the company in the form a grant," the article said. For more, read the full story.
Westlake approves financing agreements for American Greetings' planned world headquarters
