New jobs are coming to town

Both the state and the city of Portland are rolling out the red carpet for the expansion of a Fort Recovery business.
Officials with Fort Recovery Industries announced Monday night that a new manufacturing facility will be located in Portland’s spec building, located east of U.S. 27 on county road 100 North.
The new location is expected to create 20-40 new jobs, with hourly pay averaging about $16.
The company will receive $87,500 in Portland Economic Development Income Tax funds and possibly a tax abatement on both improvements to the building and the new equipment.
Also, Fort Recovery Industries has been awarded up to $275,000 in performance-based tax credits from the Indiana Economic Development Corporation and $100,000 in grant funds from the Indiana Office of Community and Rural Affairs.
The cost of building improvements, new equipment and changes outside the building — including a parking lot and landscaping — is expected to be $4.5 to $5 million.
“Welcome back to the city of Portland. It’s great to have you here,” Portland Mayor Bruce Hosier said to Fort Recovery officials. His comment drew applause from both Portland City Council members and those in the audience. Fort Recovery Industries previously owned Fortco Plastics and Priority Plastics in Portland, but sold the business.
Fort Recovery Industries is purchasing the 50,000-square foot building and 7.63 acres. The purchase price will be determined by Portland Economic Development Corporation, a private entity that owns the building and industrial park.
The building saw major improvements under a lease to XPLEX Extreme Competition Park but has never been occupied since it was built in 2001.
Fort Recovery Industries makes die casting hardware for both the automotive and appliance industries. It was founded in 1945 as Fort Recovery Stirrup Company and made wood stirrups and saddle trees for the U.S. Calvary.
Prior to the council meeting, the Portland EDIT Advisory Committee met and recommended that the council approve the request for EDIT funds.
The company will receive the funds in the form of a grant. However, the promised improvements of $4.5 to $5 million to the building must be made within three years. If the investment is not made, city officials will determine what percentage of that total the company is short. The company must then repay that the funds at a rate of prime plus 1, said Jay County Development Corporation executive director Bill Bradley.
Fort Recovery officials also asked for tax abatements on building improvements and the new equipment.
One abatement is for $625,000 in building improvements and the other is $3.9 million for die casting machines, presses, cranes, furnaces and storage systems. Council members voted to send these requests to the Portland Tax Abatement Advisory Committee for review.
Tax abatements phase in taxes on new investments over a period of either five or 10 years.
After the EDIT meeting, a public hearing was held on an Indiana Office of Community and Rural Affairs grant awarded for the company. The city applied for the block grant on behalf of Fort Recovery Industries. Hosier said OCRA has “committed” the funds for the project. According to a public hearing notice published in The Commercial Review, the money will provide funding for the purchase of capital equipment for the business.
No one commented during the public meeting.
After the council meeting, Hosier released a press release stating that Fort Recovery Industries has been awarded up to $275,000 in performance-based tax credits.
Also Monday, council members:
•Approved a 5 percent increase in one-year contracts to provide fire coverage for Greene, Jefferson, Pike and Wayne townships.
Here are the contract amounts: Greene Township, $12,055; Jefferson Township, $6,290; Pike Township, $7,633; and Wayne Township, $43,043. Those amounts are paid to the city by the townships for fire proection.
•Voted to add stop signs at the intersection of Creagor Avenue and Lafayette Street.
Residents of Katelynn Place apartments and Portland Place apartments previously asked for stop signs to be added at the end of their drives. However, the city cannot put stop signs on private property.
City attorney Bill Hinkle will create an ordinance for the new stop signs and present it to the council at a future meeting.
•Took no action on a request to lower the speed limit on a portion of Wayne Street.
Someone who lives near Hudson Family Park previously asked for the 30 mph speed limit to be lowered between Water and Seventh streets because traffic likely will increase when the new park opens.
Portland Police Chief Bob Sours said that if council members were to lower the speed limit, he suggested that it only be lowered to 25 mph.
“I think to change it now would be kind of ahead of the game,” said council president Bill Gibson. The park currently is closed for construction and a grand opening ceremony won’t be held until the spring.
•Heard that Hosier leaves for his Japan and China trip on Saturday and will return on Nov. 17.
Hosier will take part in the 2010 Economic Development and Jobs Mission with Indiana Gov. Mitch Daniels. He will be building foreign relations and friendships in hopes of bringing new job opportunities to Portland.[[In-content Ad]]