MACEDONIA — A business which now operates a technical center in Valley View plans to bring 141 manufacturing jobs to Macedonia by 2023, resulting in a total of $755,000 in additional income tax revenue for the city over the next four years.
At its Sept. 12 session, City Council authorized Mayor Nick Molnar to enter into a Macedonia Occupancy and Jobs Creation Program agreement with Peak Nano Optics Inc., which plans to make a $2 million-plus investment and move into a 48,000-square-foot building on Roll and Hold Parkway.
"This is a very positive development, and the city is really excited about it," said Molnar.
According to its website, Peak Nano Optics produces cutting-edge, lightweight, high-performance nanolayer gradient refractive index (GRIN) lenses for use in military and commercial applications.
According to a spokesman, the building into which the company plans to move was erected in 1999, and most recently was occupied by Ta Chen, which used it as a steel distribution warehouse.
Peak Nano Optics, which employs 21 people at its Valley View facility, has an anticipated moving date into the new facility of Dec. 1. It hopes to start production with 64 full-time employees in 2020, and plans to increase that to 141 by 2023.
The projected initial payroll would amount to $6.2 million, and would increase to $12.3 million in four years.
The total amount of payroll taxes paid to the city would be $955,000 over that four-year period, but the MOJCP would reduce that by $200,000, resulting in a net additional tax revenue of $755,000 over the four years.
In other action Sept. 12, Council approved a new way of collecting water maintenance/expansion fees.
As of January, the fees will be assessed to a property owner’s real estate tax duplicate instead of the city sending out individual bills. Finance Director John Veres explained this will save the city the cost of sending out bills. The amount each property owner will pay will not change.
Council also voted to proceed with assessments for the "right-in, right-out" access drive off Route 8 into the Crossings at Golden Link shopping center. Special assessments from businesses in the plaza will be used to finance the project, and are expected to amount to $538,905.
The special assessments will begin in 2020 and continue through 2040. Summit County’s fiscal officer also may impose a special assessment collection fee, which would be added to the special assessment payments.
City Engineer Joe Gigliotti said legislation to advertise for bids for the project may be on Council’s Sept. 26 agenda, with a contract likely awarded later this year.
Council approved a raise for the mayor from about $65,000 to $90,000 per year. Officials said that compares more favorably with salaries paid by other similar-sized nearby communities. The original proposal would have raised the salary to about $109,000 to $111,000, but the amount agreed upon will be 1 percent above the midpoint of the city’s Paygrade 13.
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