At their latest monthly meeting, the board of the Ohio Tax Credit Authority approved economic development incentives to support five companies in creating 271 jobs and retaining another 339 jobs.
Together, the new jobs created will result in more than $11.7 million in new payroll. The five projects are expected to spur investments worth nearly $25 million across the state.
One of these five projects getting Ohio economic development incentives is an expansion project in the City of Columbus by Sage Sustainable Electronics LLC, a newly formed company that repairs and refurbishes used electronics and distributes them to new users.
Sage is investing $2.5 million to open its headquarters and a processing facility in Columbus. The project will create 52 new technology sector jobs, including the production workforce and the headquarters employees.
Columbus and Ohio secured this project despite competition from alternative locations in New Jersey and Nevada. The company still chose to stay in Columbus and establish the headquarters in an existing 26,000-square-foot facility on the City’s west side.
Sage Sustainable Electronics CFO Michael Keegan said in a release that they believe Columbus provides an ideal spot for their headquarters and first operating facility. Keegan added that the area hosts a large number of Fortune 1000 companies with strong investments in technology.
He also noted that locating their operations in Columbus allows them to capitalize on the extensive logistics and distribution infrastructure and a high quality workforce.
In order to secure the project, the Ohio TCA approved a 45 percent, six-year Job Creation Tax Credit for the Sage expansion. The company will also receive Columbus economic development incentives, subject to approval of the proposal by the Columbus City Council.
Columbus Mayor Michael B. Coleman said that they’re thrilled that this innovative new company with a unique business model has chosen to pursue their mission to change the world from right there in Columbus.
Apart from the Sage Sustainable Electronics project, the Ohio TCA also approved incentives for four other projects.
R.K. Administrative Services, LLC – This agricultural and farm equipment company is relocating to a new facility in the City of Waverly, OH and expects to create 120 new jobs. The TCA has approved a 50 percent, seven-year JCTC for this project.
Webster Industries, Inc. – Webster, a conveyer chain manufacturer, is creating 65 new jobs as a result of an expansion in the City of Tiffin, OH. The company has been approved to receive a 45 percent, seven-year JCTC for the project.
Lubrication Specialties, Inc. – This company is expanding in Chester Township, OH and plans to create 20 new jobs. Lubrications Specialties will be getting a 35 percent, five-year JCTC for the expansion.
Ampacet, Inc – This expansion project, whose location has not yet been finalized by the company, will create 14 new jobs. The Ohio TCA has approved a 40 percent, five-year JCTC for Ampacet’s expansion.
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