Stowsentry.com - Tax incentives to help firms expand / Will add 50 full-time jobs total

by Kristin Casale

Associate Editor

Stow -- Two Stow business sites plan to add a total of 50 new jobs to the city with the help of tax incentives.

City Council approved 10-year, 100 percent tax abatements for Albrecht Inc. and National Machine Co. June 12.

Albrecht, which has been developing a business campus on Hudson Drive at the former Goodyear plant site, plans to invest $2.75 million in a project that will add two 16,329-square-foot flexible-use office buildings for lease or purchase, according to Stow Planning Director Ken Trenner.

Construction is expected to begin this summer and be completed within a year.

The project will add 40 full-time jobs and produce $1.4 million in income tax annually for Stow, according to the agreement between the company and the city.

According to Trenner, Albrecht's abatement totals approximately $49,900 annually, with $14,722 to be paid to the Stow-Munroe Falls School District.

"Their plans for their business campus are moving along very well," said Trenner of Albrecht. "It's just a fact of economic development now that incentives are needed to attract businesses and retain expanding ones. I think it's a good deal for the city and a good deal for the schools."

Trenner said the project already has been approved by the city.

Albrecht Vice President of Operations Jack Juron said he looks forward to the completion of the project.

"Stow's good about knowing what it takes to attract companies and keep them," he said.

National Machine
to expand

National Machine will expand its current facility on Hudson Drive by 25,000 square feet to accommodate planned growth in the company.

National Machine will invest approximately $4.3 million in the project that is expected to bring 10 new jobs to Stow within 24 months, according to the agreement between the city and the business.

The new jobs are expected to provide $510,000 in income tax annually to the city.

Trenner said National Machine's abatement totals approximately $31,936 annually, with $9,422 to be paid to the school district.

He said National Machine's project has yet to be approved by planning commission, but he expects the approval process to go smoothly.

The project is expected to begin this month and be completed by the end of 2010.

"We're very fortunate they decided to expand in Stow," said Trenner.

National Machine co-owner Darryl Piglia said he is pleased the city granted the abatement.

"We're competing globally now," he said. "Stow people here really worked with us to keep businesses in Stow and in Ohio.

E-mail: kcasale@recordpub.com

Phone: 330-686-3917