The Ohio Tax Credit Authority has approved 16 projects that, collectively, are projected to spur more than $864 million in investments and create $240 million in new payroll, while creating nearly 4,200 jobs and retaining about 1,050.
Half of the projects approved Monday, Dec. 7, in the authority's final meeting of 2020 are in Northeast Ohio, where nearly 3,000 new jobs are projected to be created representing $168.4 million in new payroll.
Here's a review of Northeast Ohio projects that were brought to the authority by JobsOhio, the state's nonprofit economic development corporation, and regional partner Team NEO:
• The authority approved a 15-year, 1.637% job creation tax credit for Lordstown Motors Corp. The Trumbull County project expects to create 1,570 full-time positions, generating $91 million in new annual payroll as a result of the company's startup in Lordstown. The company owns the 785-acre, 6.2 million-square-foot Lordstown Assembly Plant, where it plans to build the Lordstown Endurance, believed to be the world's first full-size, all-electric pickup truck designed to serve the commercial fleet market.
"Manufacturing and the auto industry have a great legacy in the Mahoning Valley area. Perhaps more importantly, they have a great future in this region," said Team NEO CEO Bill Koehler. "We are grateful to Lordstown Motors for having the confidence in the assets and capabilities of Northeast Ohio's manufacturing ecosystem — as well as our skilled workforce — to produce this groundbreaking vehicle here."
• The authority approved a 10-year, 2.484% job creation tax credit for Athersys Inc. of Cleveland. The clinical-stage biotechnology company expects to create 400 full-time positions, generating $34.8 million in new annual payroll and retaining $10.8 million in existing payroll, as a result of an expansion project in Stow.
• The rural lifestyle retail stores Tractor Supply Co. was approved for a 1.246% job creation tax credit for 10 years. The company that offers equine, livestock, pet, and small animal products expects to create 375 full-time positions, generating $14 million in new annual payroll as a result of the company's new project in Navarre in Stark County.
• Stakes Manufacturing expects to create 400 full-time positions, generating $12.5 million in new annual payroll and retaining $2.7 million in existing payroll, as a result of the company's expansion project in Eastlake. Stakes MFG is an apparel production, warehouse and fulfillment company that specializes in on-demand manufacturing. The authority approved an eight-year, 1.326% job creation tax credit for the Lake County project.
• ISSQUARED Inc. in Solon expects to create 109 full-time positions, generating $8.8 million in new annual payroll. It was approved for an eight-year, 1.853% job creation tax credit for the company's new project in Solon. ISSQUARED is an IT consulting and software company that provides private cloud hosting, disaster recovery and business optimization services.
• Solon-based Digital Room was awarded a seven-year, 1.395% job creation tax credit for a project estimated to create 60 full-time positions, generating $2.8 million in new annual payroll and retaining $3.3 million in existing payroll. The web-to-print business, which has printing plants across the country, has yet to announce the location for the company's expansion.
• American DeRosa Lamparts, known as the Luminance Brands, a distributor of lighting bulbs, fans and fixtures for residential, commercial and industrial uses, expects to create 42 full-time positions, generating $2.7 million in new annual payroll as a result of its new project. The authority approved a seven-year, 1.432% job creation tax credit for this project in Cuyahoga Falls.
• Airgas USA expects to create 42 full-time positions, generating $1.8 million in new annual payroll and retaining $17.3 million in existing payroll, as a result of the company's consolidation project in Independence. The authority approved a six-year, 1.156% job creation tax credit for the company, which distributes industrial, medical and specialty gases, and related equipment, safety supplies, maintenance products and services, to industrial and commercial markets.
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December 08, 2020 at 02:59AM
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Lordstown Motors, Athersys projects are among 16 approved by the state to close out 2020 - Crain's Cleveland Business
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