TROY — The city of Troy’s Tax Incentive Review Council was notified the city’s Enterprise Zone Agreements with three companies are exceeding job projections ahead of schedule.
Troy’s EZA manager Jim Dando reported the city’s active EZA agreements with Arc Abrasives Inc., Clopay Building Products and two for ConAgra Foods are exceeding employment goals.
“They are all doing quite well,” Dando said. “All of our companies are doing very well.”
Arc Abrasives added 66,000 square feet to its manufacturing plant located on Corporate Drive in 2015. Employment goals to add 15 employees from 92 to 107 has been exceeded with a reported 114 employees on the roster since the end of the year.
Clopay Building Products’s 200,000-square-foot addition in 2015 is expected to be completed by the end of the year. The report states Clopay has exceeded its job goal of 1,123 positions with a reported 1,253 employees currently working for the company. Dando reported the company has added a Pennsylvania company, which manufactures rolling garage, security gates and fire doors to its parent company.
ConAgra has two EZA agreements, one in 2010 and one in 2012 for plant expansions for Slim Jims and school pizza production. The report states the company has added 60 more jobs with 741 employees total at the plant since last year.
The city, Miami County Commissioners and Troy City Schools also all have signed on for a possible third EZA with ConAgra for a $69 million expansion to add the Duke’s gourmet meat snack stick line. No formal announcement has been made at this time.
The Honda of America’s Enterprise Zone Agreement has expired and is now a “fully taxable” property.
“That’s really the benefit of our whole program right here in a nutshell,” said Dando on Wednesday. “There was a tax abatement on a new building for a while and then it’s a contributing part of, not only the community, but the tax roll as well. That’s how that one has turned out.”
Troy Towne Park Tax Increment Financing Agreement
The TIRC also reviewed the city of Troy’s Towne Park’s tax increment financing (TIF) agreement. It is the 15th year out of the 30-year agreement for the TIF.
Gregg Harris, development director, reported the TIF property improvement valuations in 2018 increased by $9.1 million for a total of $31.7 million. Harris reported Story Point, the senior facility, was completed in 2017 and was the primary contributor to the increase. Harris also noted the Buffalo Pacific center also contributed to the increase of property values in the Towne Park area.
The city received $339,638 in TIF payments and was able to pay $132,200 for the bond payment and not use the city’s general fund.
The council agreed to continue the Towne Park TIF.
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