Governor John R. Kasich announced that the Ohio Tax Credit Authority has approved assistance for 13 projects that will spur $163.6 million in new investments across the state.
Economic development tax credit awards for these Ohio projects are expected to create a total of 1,401 jobs and $58.2 million in new payroll, in addition to helping retain another 1,470 jobs.
One of the biggest projects in the lot both in terms of investment and job creation is an expansion by Mitsubishi Electric Automotive America, Inc. in the City of Mason, OH.
Mitsubishi is investing $80 million to add nearly 50 percent more space to its existing 400,000-square-foot facility in Mason where it manufactures alternators and starter motors for the automotive industry. Mitsubishi has recently been awarded a contract by General Motors, and needs to boost production of its automotive alternators.
The City of Mason and Warren County teamed up with state economic development non-profit JobsOhio and Greater Cincinnati economic development group REDI Cincinnati to secure the Mitsubishi expansion project for the Mason plant.
Mitsubishi plans to create 100 new jobs in Mason, and the expansion will also help them retain 450 existing jobs. This means $4.2 million in additional annual payroll on top of the existing payroll of $19.7 million. The Ohio TCA has approved a 55 percent, eight-year Job Creation Tax Credit (JCTC) for this project.
Apart from Mitsubishi, the TCA also approved assistance for four other projects located in Greater Cincinnati. This includes Aprecia Pharmaceuticals Company; Curiosity, LLC; SSB Manufacturing Company; and Startek USA Inc.
All five projects combined are expected to generate over $123 million in capital investments for the region, and create 1,066 new jobs while retaining 671 current positions.
REDI Cincinnati President and CEO Johnna Reeder said in a release announcing the approval of state economic development assistance for these projects that they are seeing growth in several sectors right now, as evidenced by the companies approved. Reeder added that they expect this trend to continue as their pipeline is consistently moving in an upward trajectory.
The remaining eight projects for which the Ohio TCA approved state incentives are as follows:-
Briskheat Corp – Expansion project in the City of Columbus creating 103 new jobs. Awarded a 50 percent, six-year JCTC.
Coyote Logistics, LLC – Expansion project in the City of Columbus creating 50 new jobs. Awarded a 45 percent, six-year JCTC.
Superior Production, LLC- Expansion project in the City of Columbus creating 35 new jobs. Awarded a 40 percent, six-year JCTC.
Craft Wholesalers, Inc. – New location in the City of Groveport creating 10 new jobs. Awarded a 35 percent, five-year JCTC.
Autosoft, Inc. – Expansion project in the City of Dayton creating 25 new jobs. Awarded a 45 percent, five-year JCTC.
GT Technologies, Inc. – Expansion project in the City of Toledo creating 24 new jobs. Awarded a 40 percent, six-year JCTC.
GT Technologies, Inc. – Expansion project in the City of Defiance creating 19 new jobs. Awarded a 40 percent, six-year JCTC.
Total Quality Logistics, LLC – New project in Ohio, at a location which is yet to be finalized, will create 70 new jobs. Awarded a 40 percent, five-year JCTC.