Moraine City Council at its regularly scheduled meeting June 27 approved legislation to allow the city to enter the required agreements regarding $225,000 in ED/GE funds awarded by Montgomery County.
“Essentially the county requires an agreement between the city and county as well as an agreement between the city and prospect,” City Manager Michael Davis told this news outlet. “This is a requirement of all ED/GE grant funds for all jurisdictions who were awarded grants.”
In addition to the ED/GE grant, the project also has secured forgiveness loan assistance from Moraine in the amount of $250,000 in which the company would lock in an annual payroll pledge and employment count for five years. Also, JobsOhio plans to provide assistance, which will be made public on its website after a final agreement is executed. The ED/GE agreement places that funding at $500,000.
Shearer’s is projecting it will spend a little more than $100 million on the project, according to city documents.
In May, Shearer’s Foods won a 1.449%, eight-year job state tax credit worth $1.4 million from the Ohio Tax Credit Authority for the plant.
Shearer’s is a manufacturer of branded potato chips, tortilla chips, whole grain chips, puffs, curls and other snacks.
In February, New York-based private equity firm Clayton Dubilier & Rice acquired Shearer’s Foods. Terms of the transaction were not disclosed.
Shearer’s has 16 manufacturing facilities in Ohio, Texas, Arkansas, Arizona, Minnesota, Pennsylvania, Virginia, Iowa and in Canada, in Ontario and Alberta. It has a distribution center is in Massillon.
It aims to relocate an existing, out-of-state manufacturing location to Ohio. The project would roll out more than 162 jobs in 2025, with 44 positions expected in 2026 and 44 in 2027, Davis previously said.
In creating those positions, the company would create a payroll of $12.56 million, based on the average salary being $25.15 per hour or about $50,240 annually.
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