Moraine City Council is expected to decide May 23 on a resolution supporting a forgiveness loan in which the company would lock in an annual payroll pledge and employment count for five years.
“The request would be for $250,000 and each year — provided they met their pledges — 20% of the forgiveness loan would be forgiven,” Moraine City Manager Mike Davis told Moraine City Council during a Committee of the Whole meeting Thursday night.
“If at any time they relocated or they were not meeting their pledges ... we ultimately (would) talk to them, try to give them time see what’s going on. Maybe it’s hiring challenges or something of that nature.”
If the company were to leave, a provision would require it to pay the remaining percentage that hasn’t been forgiven, he said.
The forgiveness loan, if approved, would be used to assist with the initial investment at the site, and receiving the assistance requires a five-year commitment, Davis said.
Possible income tax collection once the site is fully operational is roughly $300,000 a year.
“If we were fortunate enough to secure this, this helps diversify our economy a little bit because yes, it’s in manufacturing, but it’s in a completely different industry which I think would be good for the city,” he told city council.
The Ohio-headquartered company 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 said.
Moraine, in a recently approved Montgomery County ED/GE grant application, said that 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.
About $14 million to $15 million of the $106 million project would be associated with the building, Davis said.
Davis said Thursday that council agreeing to put the measure on the May 23 agenda allows him “to go back to the prospect and share that the support is there.”
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