Troy City Council’s finance committee will review its first applications for the city’s new Employee Creation Incentive Program (ECIP) established earlier this year.
Troy Laminating and Coating Inc. and “Project Miner” applied for the economic development incentive program which provides payroll income tax rebates to qualifying companies. The city’s finance committee will review these applications Monday at 5:30 p.m. via Zoom meeting.
According to the committee report from Director of Public Service and Safety Patrick Titterington, “Project Miner” is a manufacturing business that plans to bring 427 new jobs with an annual payroll of more than $19 million to the city of Troy.
In the memo, it states the “Project Miner” application meets the general standards for the ECIP. The program allows for a payroll withholding up to $100,000 for up to 15 years. The “Project Miner” company projects to generate $322,500 in payroll income tax for the city of Troy. The city of Troy will then provide “Project Miner” a rebate of approximately $83,000 for 15 years as part of its economic incentive package for the new company.
According to the Troy Area Chamber of Commerce, an announcement of the company is expected to be made on Monday.
The Troy Laminating and Coating Inc. company (TLC) also applied for the ECIP. TLC through its French parent company Chargeurs Inc. has announced a commitment to invest $4 million in capital and add 53 new jobs. TLC is the only non-French location that is producing personal protective equipment such as surgical and N95 masks at its Troy plant.
The expansion project anticipates an additional payroll of $2 million to its books. The application does not meet all minimum criteria, but as a long-time Troy manufacturing business that is expanding its business for critical PPE manufacturing, it has been deemed to satisfy the intent for the ECIP, according to the report. The ECIP will be for six years and its incentive of $50,000 per year has been recommended. The city’s rebate back to TLC will be about $9,000 for six years.
For both applications, if the payroll projects should drop, the ECIP could be suspended.
Both applications are considered emergency legislation to be reviewed at the next council meeting. For more information on how to view the Zoom meeting, visit www.troyohio.gov.