TWINSBURG — City Council approved tax incentives June 11 for two businesses which have declared their intent to expand facilities. The abatements also apply to three property owners.
Fasteners for Retails Inc., doing business as Siffron at 8181 Darrow Road, and First Industrial Investment II LLC received approval for tax abatement under the Community Reinvestment Area program and Twinsburg Occupancy Program.
Vistar, Twinsburg Industrial Properties LLC and 8745 Chamberlin Road LLC also received approval for tax abatement under the CRA program.
Director of Planning and Community Development Larry Finch explained Siffron plans a 100,000-square-foot addition, which would result in creation of 25 new jobs and $1 million per year in additional payroll. The firm currently has an annual payroll of $16.5 million.
Finch said the company plans to consolidate its operations in Twinsburg, and requires the addition of warehouse space to support that initiative.
"The firm pursued other site options, including an existing large warehouse in Glenwillow, but the commitment of abatement, along with a very small TOP incentive, resulted in Twinsburg securing the company and the 25 additional employees," Finch said.
The abatement on the new building will be 100 percent for 10 years, and Finch said it would go into effect in 2020. The TOP incentive provides a grant equivalent to 50 percent of the increase in wages above the 2018 amount.
Vistar, which is located on Chamberlin Road in the Cornerstone Business Park, proposes to build a 78,000-square-foot addition to its existing 137,000-square-foot facility.
Finch said the addition and expansion of refrigeration equipment represents a nearly $25 million investment.
He said Vistar’s tax abatement will be 50 percent for five years. The company currently employs 89 people and plans to add five after the expansion.
Councilman Bill Furey called the tax incentives "good deals for the city." Finch said the incentives are in compliance with the city’s revenue sharing agreement with the school district.
Reporter Ken Lahmers can be reached at 330-541-9400, ext. 4189 or email@example.com.