“Currently, they’re growing,” Fine said Tuesday night during Miamisburg City Council’s regularly scheduled meeting. “They need about 16,000 square feet and they are considering a tenant space at Byers Business Park.”
The company employs 21 employees in the United States, with the expectation of hiring seven or eight new employees in the next three years, Fine said.
At full projected employment, the company would have an annual payroll of approximately $2 million, which would result in $45,000 of new income taxes to the city each year.
“That company, it may be a little smaller than our typical kind of what we call the ‘bread-and-butter companies’ here in town, but those are the companies that generally you see a lot of growth moving forward,” Fine said. “They will incur about $175,000 to $200,000 in direct costs related to the relocation should they choose the Miamisburg location, and they reached out to see if we had any assistance” to defray the costs.
City Council voted unanimously to approve an ordinance that would provide the company with a 30%, five-year job creation refundable tax credit. That money will help the company directly reduce some of its out-of-pocket costs related to the potential move, Fine said.
In turn, Panini North America will create at least 28 jobs and $2 million in new payroll within the city.
As with all such agreements, the tax credit is directly tied to the company’s performance, he said.
“There are some clawbacks in there should should the company leave the city or go out of business,” Fine said. “We’ve done several of these. They’re ... almost standard these days.”
Under the agreement, leasing of the facility and relocation would need to be completed by June 1. It would be required to create 28 new full-time permanent jobs in the city with an annualized payroll of not less than $2 million.
That includes the company’s current employees who move from Washington Twp. facility to the Miamisburg facility.
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