by Andrea Cole
Stow -- Geis Companies representatives hope to add a 62,412-square-foot facility to bring a third tenant to its Prosper Drive industrial park. And the city is considering a tax break for the tenant to help make that happen.
The 57-acre industrial park, Stow Commerce Center, currently has two businesses: Mickey Thompson Tires and Wrayco Industries.
Consolidated Plastics, the anticipated third tenant of the park, is expected to relocate between 20 and 50 employees from its Twinsburg facility into the building within a year of construction according to Stow Economic Development Coordinator Chuck Wiedie. The estimated cost of the project is $3 million, said Wiedie.
Consolidated Plastics Senior Vice President Gregg Gilkey could not be reached for comment by press time.
During Stow City Council's June 25 Planning Committee meeting, Geis Architect Greg Seifert presented a proposal to construct the facility on 5.2 acres in the industrial park. Council is expected to vote on the plans during its June 28 meeting, scheduled for 8 p.m. in Stow City Hall.
Seifert said if the plans are approved by Council, construction is expected to begin in July.
"It should be up and operational by October or November," he said.
Geis Properties owner Greg Geis could not be reached for comment by press time.
Geis Companies purchased the industrial park, located between McCauley and Seasons roads, from Prosper Development in 2005.
During its June 25 meeting, the Stow-Munroe Falls School Board approved a community reinvestment area tax incentive agreement between the school district, Geis Properties, Consolidated Plastics and the city of Stow. The agreement allows a 100 percent exemption for 10 years for the $3 million investment.
According to the agreement, the addition of the full-time employees will result in approximately $1.25 million in annual payroll for the city of Stow.
Under the agreement, the company still will pay $11,640 in property taxes annually to the school district, and the annual amount of $9,975 in property taxes owed to the city will be exempt for 10 years. The agreement also states Consolidated Plastics will offer two part-time internships for Stow-Munroe Falls High School students.
Wiedie said he is pleased to see the plans.
"Geis does a great job of promoting its industrial parks," he said. "It's great to have a park like this in the city. Our goal is to see a complete, vibrant park."
Wiedie said the proposed tax incentive is expected to be discussed during Council's July 12 Finance Committee meeting, scheduled for 7 p.m. in Stow City Hall.