Big Day for New Job Creation in Ohio!
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| Baker Hughes Center for Technology Innovation in Houston |
The $564 million dollar investment by Baker Hughes Oilfield Operations in developing a Massillon base of operations which we reported on yesterday is closer to approval. More after the jump...
The Independent in Massillon reports that the Ohio Tax Credit Authority has awarded a 65%, seven-year Job Creation Tax Credit to the Houston-based company. The initial projection of 900 full-time jobs being created has been adjusted to 700.
The incentive is a refundable tax credit against a company’s corporate, franchise of income tax based on the state income tax withheld from new, full-time employees.
Negotiations with state, county, and local leaders continue. While there is no deal yet, the tax credit is clearly a positive step en route to a deal.
In a separate story, the Tribune Chronicle out of Youngstown reports that another Houston-based company, Exterran Energy, plans to build a $13 million manufacturing site producing equipment that compresses, processes and treats natural gas after it has been extracted from the earth by fracking.
The facility, which will be built in the Salt Springs Road industrial park, will bring 103 new jobs to the area. The preliminary terms reported late last year state that the 65,000-square-foot facility comes with an agreement for the city to provide a 20-acre site for Exterran Energy Solutions as well as a 10-year, 75-percent tax abatement on real property improvements.
The facility is expected to be operational before the end of the year.
And finally, the Eagle-Gazette in Lancaster reports that two companies are planning expansion that will add 70 jobs in Fairfield County.
B. Hubbard Enterprises, an Oklahoma-based company that builds oil and gas rigs, received approval for a 40 percent, seven-year tax credit. The company plans to generate 40 jobs and $1.7 million in payroll over the next three years at the former Pugh building on Quarry Road.
Executive Vice President of the company Mike Hubbard said "We actually acquired two buildings. One is 42,000 square feet and the other is 82,000 square feet, and they are on 15 acres. So that gives us the room to expand if we need to."
"This is a good day for us," Lancaster Economic Development Director Mike Pettit said. "They plan on hiring very quickly."
In addition to the B. Hubbard investment, Canal Winchester's Manifold & Phalor, Inc. received approval for a 40 percent, five-year tax credit for an expansion project expected to create 30 jobs and over $1 million in payroll. The company provides machining, fabricating, and machine-building services.
Manifold and Phalor intends to invest $6 million to expand their existing property by over 60,000 square feet.
Wow, what a busy day for announcing new jobs in the state! After so many years of every announcement seemingly being of another business closing or moving somewhere else and jobs being lost, this sort of news is encouraging.
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