Ford gets $15.7 million incentive package to save Maumee stamping plant

11/1/2006

A $15.7 million incentive package delivered to Ford Motor Co. this afternoon includes an offer from the Toledo-Lucas County Port Authority to purchase the automotive giant s Maumee stamping plant and lease it back to the company.

The offer is the centerpiece of a plan concocted by Maumee, Lucas County, and state government officials, the port authority, and the UAW Local 1892 to prevent Ford from closing its Maumee stamping plant in 2008.

The entire package was sent electronically from the Ohio Department of Development to Ford officials this afternoon.

The port authority is offering to buy the stamping plant for 50 percent of its appraised value and require Ford to provide a buyer for the bonds to be issued by the port authority to finance the sale.

Also included in the offer are incentives from Gov. Bob Taft s 2005 Ohio Automotive Revitalization Initiative, in which the state offered financial assistance to all automotive corporations which either closed or announced pending closure and chose to reconsider.

For its part, Maumee is offering up to $12,000 annually for a period of 10 years through its job creation and retention program. It is also offering a net property tax exemption of 50 percent for any additional construction Ford would enter into on its property.

Maumee Administrator John Jezak said there were other incentive offers still being explored, such as cost-saving energy alternatives to operate the plant.

Ford announced its intentions to shut down its Maumee operation on Sept. 15.

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