July 23, 2014 at 2:10 p.m.
Jobs could be coming
Portland Tax Abatement Advisory Committee
Portland could be getting 80 new jobs.
A local board has voted to send two tax abatement requests to the Portland Tax Abatement Advisory Committee. The additional equipment at each factory could result in a total of up to 80 new jobs. One of the businesses also has been given $75,000 in Portland Economic Development Tax funds.
The abatements are for Fort Recovery Construction and Equipment, 1000 N. Wayne St., and Stoneridge Electronics, 700 Industrial Park Drive.
Once the advisory committee reviews the requests, the Portland City Council makes the final decision.
Fort Recovery Construction and Equipment is asking for tax abatements on $400,000 in building improvements and $1,657,500 in equipment purchases to manufacture evacuated tube solar thermal collectors. The tubes would be used to collect solar energy to heat homes, industries and water.
Don Crawmer, director of sales and product development, told Portland City Council members that Fort Recovery Construction and Equipment will be the first company in the country to manufacture such tubes. The new product will create 40 jobs that pay about $15 per hour, he said.
The tax abatement for the building improvements will be for 10 years, and the other will be for five years.
Prior to Monday night’s council meeting, members of the Portland Economic Development Income Tax Advisory Committee voted to recommend that the council vote to give the company a grant/loan in the amount of $75,000. The company has three years to increase its workforce by 40. The company currently has 11 employees.
“I don’t think these people will have any trouble exceeding the 40, Jay County Development Corporation executive director Bill Bradley said during the EDIT meeting.
If this number is not reached in three years, the company must re-pay $1,875 for each employee it is short. The funds will be paid back to the city over five years, plus the prime interest rate plus one. The current rate is 3.75, Bradley said.
Council members later voted to grant the EDIT loan to the business.
The tax abatement for Stoneridge is a five-year abatement on the purchase of two wire cutting machines. The addition of the machines is expected to create 40 jobs with salaries totaling $857,792.
•Learned that a bicycle road time trial will be held Sunday between Portland and Fort Recovery.
The Colavita-Zipp Speed Weaponry Time Trial event will begin at Hudson Family Park, Portland.
The 20-mile event will begin at 9 a.m. Anyone can enter the time trials, and prizes will be awarded. The race will begin at the park, then go north on Wayne Street and east into Ohio. Racers will then come back to Portland on Ind. 26 (Water Street) and the race will end on Wayne Street. A portion of South Wayne Street, between Water and Union Streets, will be closed for the event.
A portion of West Main Street, near the Jay County Courthouse, also will be closed Sunday for the Welcome Home to Portland Festival.
•Heard from street and park department superintendent Jeff Harker that a portion of Morton Street, near the Tri-State Gas Engine and Tractor Association grounds, will close on Friday for the engine show.
Also, North Wayne Street, between Pearl and Votaw streets, will be closed beginning Aug. 25 for the tractor and engine show. Those who work in those areas will still have access to their places of employment.
•Were reminded by Bruce Hosier, mayor of Portland, that those who post yard sale signs Aug. 23-28 must remove them after the sales end. There is no fee next week for yard sales in the city. Signs cannot be posted on telephone or electric poles.[[In-content Ad]]
A local board has voted to send two tax abatement requests to the Portland Tax Abatement Advisory Committee. The additional equipment at each factory could result in a total of up to 80 new jobs. One of the businesses also has been given $75,000 in Portland Economic Development Tax funds.
The abatements are for Fort Recovery Construction and Equipment, 1000 N. Wayne St., and Stoneridge Electronics, 700 Industrial Park Drive.
Once the advisory committee reviews the requests, the Portland City Council makes the final decision.
Fort Recovery Construction and Equipment is asking for tax abatements on $400,000 in building improvements and $1,657,500 in equipment purchases to manufacture evacuated tube solar thermal collectors. The tubes would be used to collect solar energy to heat homes, industries and water.
Don Crawmer, director of sales and product development, told Portland City Council members that Fort Recovery Construction and Equipment will be the first company in the country to manufacture such tubes. The new product will create 40 jobs that pay about $15 per hour, he said.
The tax abatement for the building improvements will be for 10 years, and the other will be for five years.
Prior to Monday night’s council meeting, members of the Portland Economic Development Income Tax Advisory Committee voted to recommend that the council vote to give the company a grant/loan in the amount of $75,000. The company has three years to increase its workforce by 40. The company currently has 11 employees.
“I don’t think these people will have any trouble exceeding the 40, Jay County Development Corporation executive director Bill Bradley said during the EDIT meeting.
If this number is not reached in three years, the company must re-pay $1,875 for each employee it is short. The funds will be paid back to the city over five years, plus the prime interest rate plus one. The current rate is 3.75, Bradley said.
Council members later voted to grant the EDIT loan to the business.
The tax abatement for Stoneridge is a five-year abatement on the purchase of two wire cutting machines. The addition of the machines is expected to create 40 jobs with salaries totaling $857,792.
•Learned that a bicycle road time trial will be held Sunday between Portland and Fort Recovery.
The Colavita-Zipp Speed Weaponry Time Trial event will begin at Hudson Family Park, Portland.
The 20-mile event will begin at 9 a.m. Anyone can enter the time trials, and prizes will be awarded. The race will begin at the park, then go north on Wayne Street and east into Ohio. Racers will then come back to Portland on Ind. 26 (Water Street) and the race will end on Wayne Street. A portion of South Wayne Street, between Water and Union Streets, will be closed for the event.
A portion of West Main Street, near the Jay County Courthouse, also will be closed Sunday for the Welcome Home to Portland Festival.
•Heard from street and park department superintendent Jeff Harker that a portion of Morton Street, near the Tri-State Gas Engine and Tractor Association grounds, will close on Friday for the engine show.
Also, North Wayne Street, between Pearl and Votaw streets, will be closed beginning Aug. 25 for the tractor and engine show. Those who work in those areas will still have access to their places of employment.
•Were reminded by Bruce Hosier, mayor of Portland, that those who post yard sale signs Aug. 23-28 must remove them after the sales end. There is no fee next week for yard sales in the city. Signs cannot be posted on telephone or electric poles.[[In-content Ad]]
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