Miamisburg City Council voted Tuesday evening to assist Think Patented with the proposed $2.7 million expansion by providing the company with a forgivable loan $70,000, paid in seven annual installments of $10,000 each, according to Chris Fine, Miamisburg’s development department.
In exchange, the company will retain seven employees within the city representing $350,000 in annual payroll and create five new jobs with a total annual payroll of $150,000, Fine said.
If the company retains and creates the $500,000 in annual payroll by the end of 2022, the loan provided by the city will be forgiven, he said.
“It is performance-based,” Fine said. “They do need to meet their commitments or they would owe that loan money back to the city. We’ve done this on a number of occasions with some other companies, most recently this type of agreement with (construction engineering company) Barge, Waggoner, Sumner and Cannon when they moved to (Mound Business Park).”
By assisting with the expansion via the forgivable, the city helped avoid having Think Patented take those seven existing employees and five new employees to leased space in Moraine, he said.
Think Patented has grown from 100 employees as of its move to Miamisburg in 2014, to 115 employees today with an annual payroll of nearly $5.8 million, according to the city. The new facility means the potential for additional hiring as business demands, company officials said.
Ohio law permits cities to lend their credit to private companies in order to create or preserve jobs and employment opportunities there.
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