TROY — On Monday, Troy City Council unanimously approved a large loan and an tax abatement agreement for Clopay Products which will expand both its facility and its employee payroll.
Council approved an enterprise Zone Tax Abatement agreement for Clopay for its planned expansion to fill the vacant middle area in the nearly 1 million square feet of manufacturing space on State Route 55 off of Interstate 75.
The EZA is a 15-year 100 percent tax abatement for the 200,000 square feet of new manufacturing space which is estimated to cost $30 million.
Troy City Schools Superintendent Eric Herman said in turn for the school district approving the EZA, Clopay will donate $25,000, per year, for the next 15 years to Troy City Schools.
Council also unanimously approved a $250,000 loan for manufacturing equipment. The term of the loan is a 10 year, 3 percent simple interest loan.
The expansion will add up to 200 jobs to its 900 current employees at the facility, which will make the company the largest employer in the city of Troy.
According to the state of Ohio’s development website, the Ohio Tax Credit Authority approved a 50-percent, 10-year credit for Clopay last week.
Bud Holiga, director of human resources at Clopay Building Products, thanked the council for its support to expand its facility to create more job in Troy.
“I’d like to come up and thank you all for voting on our resolutions tonight,” Holiga said.”I’d like to thank the council, thank the Troy board (of education), Troy Development Council and the citizen of Troy for approving that. We are extremely happy to have our manufacturing facility here in Troy. The Troy area provided constant stream of talent from the robust school system and from the outlying community.”
President of council Marty Baker thanked Holiga for his comments and said she appreciated Holiga for attending the meetings and providing insight to the issues prior to the vote.
Council unanimously approved and adopted the following resolutions:
-Annual tax budget for 2016
-Downtown building repair loan for $850,000 to Troy Community Works for 1-3 E. Main Street.
The loan will be distributed in phases throughout the repair process to the non-profit organization. The loan funds are from the city of Troy’s federal community development block grant fund.
The loan is a 30-year conventional loan with 0 percent interest and 20 percent deferral up to five years or when the building is occupied. According to the committee report, 20 percent of the loan will be forgiven at the end of each year until a $0 balance, on the condition that by the end of year five or earlier, or the building rehab includes all three floors ready for occupancy. If the condition is not met, the remaining balance of the loan will convert to a 3 percent, 25-year term loan.
Council unanimously approved and adopted the following ordinances:
-Issuance and sale of bonds in amount of $9 million for the Riverfront Development Project. Council member Bill Twiss asked with final design plans would be available. Director of Public Service and Safety Patrick Titterington said the design firm is in the process of finalizing the plans and the bid process would have a “not to exceed” budget for the expansion and design of the Hobart Arena portion of the project.
– Accept dedication of a right-of-way, S. Stanfield Road and Commerce Blvd. The ordinance dedicates 0.0098 acres of land for additional right-of-way along South Stanfield Road and Commerce Center Boulevard. The owner would improve the right turn movement at this location which would be paid for by the developer/owner America Honda Motor Company Inc.
– Accept final record plan of the StoryPoint Commercial Planned Development. The ordinance is for the 14.577-acre senior living facility to be built in the Towne Park development’s record plan for city council. The plans included the restrictive covenants for the property between the city of Troy and the Unified Property Group LLC, of Michigan.
– Sell portion of Stonebridge Park. The board of park commissioners have declared 1.092 acre tract of Stonebridge Park as surplus so the land could be sold. The parcel was requested to be sold by a request of a citizen to purchase to place a fence to protect the citizen’s property from trespassers. The property will be sold to the highest bidder. The parcel is not a buildable lot. The remaining area of the Stonebridge Park would be 2.162 acres.
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