Tax credits to help 4 local firms make 380 new jobs
Projects will generate $12.6M in new payroll
4/29/2014The Ohio Tax Credit Authority approved credits Monday for four northwest Ohio projects that are expected to create 380 jobs, generate $12.6 million in new payroll, and help preserve $102.5 million in existing payroll.
The projects were part of 14 projects statewide receiving approval Monday. Together, the 14 projects were to create 1,095 jobs and generate $48.9 million in new payroll.
The four regional projects are:
● A 60 percent, 10-year job creation tax credit for the Walgreen Co., in Wood County, where the drug store retailer is expanding operations. The tax credit will help Walgreens to create 75 full-time positions that will generate $2.7 million in new payroll and help retain $25 million in existing payroll.
● A 60 percent, seven-year job creation tax credit for Sauder Woodworking Co., in Fulton County, which plans to use the tax credits to expand its Archbold operations by adding new manufacturing lines to supply products for a major customer, Ikea. The project will create up to 150 new jobs, generate $4.8 million in new payroll, and help retain $57.9 million in existing payroll.
● A 45 percent, seven-year job creation tax credit for Unique-Chardan Inc., in Williams County, which plans to upgrade its auto-parts manufacturing operations so it can remain in Bryan. The upgrade is expected to create 30 new jobs, generate $900,000 in new payroll, and retain $1.2 million in existing payroll.
● A 60 percent, eight-year job creation tax credit to International Paper Co. in Hardin County to expand its paper and packaging materials operations in the city of Kenton. The expansion is expected to create 125 new full-time jobs and generate $4.2 million in new annual payroll while retaining $18.4 million in existing payroll.
— Jon Chavez