The Ohio Tax Credit Authority (TCA) at its last meeting of 2022 approved state assistance for half a dozen projects that are expected to have a significant impact in northeast Ohio in 2023.
TCA on Wednesday, Dec. 7 approved state job creation tax credits for a total of 14 statewide projects that are expected to create a total of 1,663 new jobs and retaining 3,457. Gov. Mike DeWine’s office said in a press release that the projects are expected to generate “more than $99.7 million in new wages and spur more than $202.6 million in investment” in the whole state.
It was a particularly intense meeting in northeast Ohio for TCA, with six of the region’s 14 projects: one each in Cuyahoga, Lake, Lorain and Trumbull counties, and two in Stark County. The six projects are expected to create a total of 438 full-time jobs.
Here’s a breakdown of Northeast Ohio’s projects, listed alphabetically:
• Acorn Stairlifts Inc. of Sheffield Township, County Lorain, plans to create 125 full-time positions, generating $5.47 million in new annual payroll, following a planned expansion.
The company, which manufactures and installs home stairlifts, received a job creation tax credit of 1.297% over eight years for the project. TCA estimates the value of the credit at $525,000. (For this project and all projects, TCA notes that the estimated values of potential tax credits are based on companies meeting all requirements, so the actual credit value is based on jobs created and new charges social generated, as verified.)
For the proposed project, Acorn is considering a Lorain County building for a warehouse and distribution expansion, as well as the relocation of the back office and light assembly work.
As part of the tax credit agreement, TCA would require the company to maintain operations at the project site for at least 11 years. He noted that Ohio “is competing with Florida for the proposed project” and that state support “will help ensure the proposed project moves forward in Ohio.”
• Biery Cheese Co. in Louisville, Stark County, plans to create 51 full-time positions, generating $2.2 million in new annual payroll and retaining $18 million in existing payroll, following consolidation and expansion of manufacturing operations by the cheese processor.
The TCA has approved a 1.13% job creation tax credit over six years for the project. The estimated value of the tax credit is $135,000. Biery would be required to maintain operations at the project location for at least nine years. TCA said Ohio is competing with Wisconsin for the proposed project.
• Knight Material Technologies LLC of Canton, Stark County, plans to create 45 full-time positions, generating $2.5 million in new annual payroll and retaining $5.9 million in existing payroll, thanks to the business expansion project.
The company, formerly known as Koch Knight, manufactures ceramic and acid-resistant mass transfer equipment. The expansion of the company’s Guangzhou plant would help it “address capacity shortages in the industry”, according to information provided by the state. Ohio is competing with Texas and Pennsylvania for the project.
The TCA has approved a 1.25% Job Creation Tax Credit over six years for Knight. The tax credit has an estimated value of $170,000.
• Momentive Performance Materials Quartz Inc. in Strongsville, Cuyahoga County, plans to create 97 full-time positions, generating $7 million in new annual payroll and retaining $46.1 million in existing payroll, at the following a planned expansion project.
The company has a spin-off company, Momentive Quartz Technologies, which produces quartz and ceramics used in semiconductors and microchips in computers, medical devices and other end uses. The TCA approved a 1.584% job creation tax credit over eight years for the project, in which Ohio competes with Asia.
Momentive would be required to maintain operations at the project site for at least 11 years.
The tax credit has an estimated value of $790,000.
• MUM Industries Inc. in Mentor, Lake County, plans to create 45 full-time positions, generating $2.1 million in new annual payroll and retaining $4.3 million in existing payroll, in the part of a planned expansion.
For MUM, a manufacturer of metal and non-metal enclosures for electrical equipment, the TCA approved a job creation tax credit of 1.127% over six years.
Ohio is competing with Texas for the expansion project. The state said MUM is “evaluating the relocation of jobs and operations” from California to Ohio or Texas “due to improved profitability.”
The tax credit has an estimated value of $115,000.
• Shambaugh & Son LP in Brookfield Township, Trumbull County, plans to create 75 full-time positions, generating $4.1 million in new payroll, following a planned project that would include construction of a new installation.
The company does new and retrofit construction for industrial, food processing, commercial, institutional, healthcare, pharmaceutical and biofuel projects.
The TCA has approved a job creation tax credit of 1.417% over seven years for this project. The state said Shambaugh “is planning to create a new facility focused on the prefabrication of fire suppression systems needed to meet the high demand for the product.”
Ohio is competing with Indiana and Pennsylvania for the project.
The tax credit has an estimated value of $390,000.
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