Two commercial projects getting tax breaks
Port Authority helping expand Carlisle Brake; Village of St. Edward
Port Authority leaders Ron Paydo (left) Bethany Dentler and Russ Schabel review a plan to issue revenue bonds for an expansion project at Carlisle Brake in Medina. Photo by GLENN WOJCIAK
MEDINA – Two big commercial developments in the area are moving forward with the help of tax incentives from the Medina County Port Authority.
The Port Authority’s governing board met June 7 to authorize issuing $16 million in revenue bonds to finance an expansion at Carlisle Brake in Medina and to give preliminary approval to helping finance a $23 million senior living community in Wadsworth.
The agreements made by the Port Authority give it temporary title to the property involved in both projects, but include additional financial backers who assume fiscal responsibility for debt incurred in the work.
The benefit to the developers is that projects done in the name of government agencies like the Port Authority are exempt from the sales tax paid on building materials. That amounts to $67,500 for each $1 million worth of material purchased in Medina County.
Dentler estimates that half the $16 million invested in the Carlisle project will be spent on materials and somewhat less than half on the senior living community in Wadsworth since other significant development costs are also associated with that project.
The senior living project on the old brickyard property on the south end of Wadsworth is being proposed by the Village of St. Edward which also operates assisted living facilities for older adults in Fairlawn and Green. This first phase is expected to open in 2018 and include 50 independent living units, 28 assisted living units and 14 memory care units.
Carlisle Brake is planning an expansion to an existing manufacturing plant on Lake Road in Medina. Carlisle is an international company based in Solon which manufactures high-performance and severe duty brake, clutch, and transmission applications for the mining, construction, military, agricultural, motorsports, industrial and aerospace markets.
The Carlisle project also received a $300,000 Job Creation Tax Credit earlier this year. It was one of 10 projects around the state approved for the credit by the Ohio Tax Credit Authority in February. The company qualified for the tax credit with the promise of creating 70 new jobs.
“We’re pleased that companies are undertaking new projects,” said Dentler. “The Port Authority is glad to do whatever it can to encourage investment in the community.”
This has been a particularly busy time with the Port Authority which earlier this year also issued revenue bonds for a $15 million expansion project at Sandridge Foods in Medina.
Dentler said the Port Authority issued similar bonds on one other major development project, the headquarters built by Panther Logistics in Sharon Township in 2014.
The Port Authority’s governing board met June 7 to authorize issuing $16 million in revenue bonds to finance an expansion at Carlisle Brake in Medina and to give preliminary approval to helping finance a $23 million senior living community in Wadsworth.
The agreements made by the Port Authority give it temporary title to the property involved in both projects, but include additional financial backers who assume fiscal responsibility for debt incurred in the work.
The benefit to the developers is that projects done in the name of government agencies like the Port Authority are exempt from the sales tax paid on building materials. That amounts to $67,500 for each $1 million worth of material purchased in Medina County.
Dentler estimates that half the $16 million invested in the Carlisle project will be spent on materials and somewhat less than half on the senior living community in Wadsworth since other significant development costs are also associated with that project.
The senior living project on the old brickyard property on the south end of Wadsworth is being proposed by the Village of St. Edward which also operates assisted living facilities for older adults in Fairlawn and Green. This first phase is expected to open in 2018 and include 50 independent living units, 28 assisted living units and 14 memory care units.
Carlisle Brake is planning an expansion to an existing manufacturing plant on Lake Road in Medina. Carlisle is an international company based in Solon which manufactures high-performance and severe duty brake, clutch, and transmission applications for the mining, construction, military, agricultural, motorsports, industrial and aerospace markets.
The Carlisle project also received a $300,000 Job Creation Tax Credit earlier this year. It was one of 10 projects around the state approved for the credit by the Ohio Tax Credit Authority in February. The company qualified for the tax credit with the promise of creating 70 new jobs.
“We’re pleased that companies are undertaking new projects,” said Dentler. “The Port Authority is glad to do whatever it can to encourage investment in the community.”
This has been a particularly busy time with the Port Authority which earlier this year also issued revenue bonds for a $15 million expansion project at Sandridge Foods in Medina.
Dentler said the Port Authority issued similar bonds on one other major development project, the headquarters built by Panther Logistics in Sharon Township in 2014.