Davis said the agreement includes criteria that has to be met on an annual basis over five years.
“Essentially, each year that (a hiring requirement) has been met, there will be $150,000 payment provided to Fuyao,” he told city council Thursday. “Through this incentive effort, in collaboration with the Ohio Department of Development, and ... through the Dayton region as a whole, the Dayton (Development) Coalition, this project is bringing 500 jobs to the city and $26 million in new payroll.”
Fuyao operates at the former GM Assembly plant off Stroop Road and Springboro Pike, which GM closed in 2008. The company, which is based in China, opened the Moraine plant in October 2016. It employs approximately 2,000 people.
The expected investment for the new property construction is $46 million. The overall combined project investment, when accounting for site improvements, infrastructure, machinery and equipment, is approximately $300 million, according to documents obtained by the Dayton Daily News.
Matt Eisenbraun, the city’s community development director, thanked city council members for their support of the grant.
“It’s a great opportunity for us and I think it’s going to bring many benefits to the city in the future,” Eisenbraun said.
Moraine City Council in December unanimously approved an application by the auto glass producer for a 12-year, 100% tax abatement. That agreement stipulates the project would start Jan. 1, 2023, with all acquisition, construction and installation to be completed by Dec. 31, 2024.
It also requires Fuyao to fill the 500 full-time permanent jobs within 36 months after construction of the facility: 150 in 2025, 150 in 2026 and 200 in 2027.
Also last month, Montgomery County commissioners approved $750,000 in county development funds to assist Fuyao’s expansion effort.
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