New Logging Operation Facility
Scenario
A Midwest logging operation needed to identify an existing 150,000 sq. ft. facility with rail, highway and water access. Three states, including Ohio, West Virginia and Indiana, competed for the operation. The total comp investment was projected to be $11,000,000. An employment of 100 with total payroll of $1.9 million was expected by completion of the project.
Outcome
The logging operation partners hired our team to pursue economic assistance from local and state agencies. The preferred site in Southern Ohio made available the following incentive benefits provided to the company in the 4th quarter of 2002.
Ohio Job Tax Credit valued at $118,060
Machinery & Equipment Tax Credit valued at $1,080,000
Machinery & Equipment Sales Tax Exemption valued at $480,000
Training resources as a grant up to $50,000
Business Development Account Grant valued at $100,00
A 166 Business Loan at a fixed rate of 3% for up to $1,000,000
The cumulative value of the incentives exceeded $2.7 million for an incentive to investment ratio of 24.9%.
