Perrysburg City Council’s finance and economic development committee recommended the full council approve a 100 percent property tax abatement for Cutting Edge Countertops, should the company decide to expand its current operation.
The countertop manufacturing company, located at 1300 Flagship Dr., is seeking a 15-year abatement, which is the maximum allowed by Ohio law.
In total, the company would invest $5.65 million in property and equipment, and expects to add 40 full-time employees with a combined payroll of $1.65 million by 2019, according to the company’s application for the tax abatement.
The company now has about 90 full-time employees in Perrysburg and has operated within the city since 2006. If the company expands its business elsewhere, 30 Perrysburg employees are expected to be displaced, the application states.
The abatement would save the company about $17,650 in property taxes per year over the 15-year abatement. Perrysburg requires any company that receives an abatement make school districts whole, so neither Perrysburg Schools nor Penta Career Center will lose out on property tax revenue.
The committee also recommended the full council sever a tax abatement agreement with the Cousino Group, which owns the parcel CEC intends to purchase for its expansion.
Glenn Grisdale, the city’s economic development consultant, said the Cousino Group plan had several moving parts that needed to fall into place for the company’s intended expansion.
The company received a 10-year, 75 percent property tax abatement in October.
The CEC abatement will be before council during its next meeting on July 11. If the plan goes forward, the company plans to start its expansion in August.
*This article was originally written by Zack Lemon and published in the Toledo Blade. Click here to view the original article.