“We’ve just had a lot of growth over the years,” North said. “This building will be more for production and manufacturing. We are expanding across the board.”
The expansion will cost about $2 million, according to a Resonant Sciences application for a tax credit from JobsOhio.
North started the company in January 2015 with six employees. The company has now grown to about 65 employees. Resonant Sciences does work for both government and commercial customers. The company designs antennas and radomes, which surround a radar antenna, gives custom electronic solutions to their clients and does electro-optical and infrared systems modeling and measurements, North said.
With the expansion, North said the company plans to add 30 full-time positions over the next three years. Those positions will range from engineers to scientists to support staff, North said.
“I think that’s a very realistic number based on the growth we’ve had over the past five years,” North said.
Resonant Sciences was awarded a tax credit by the Oho Tax Credit Authority in July for planning to add those employees.
The company expects to generate $3 million in new annual payroll with the additional jobs and retain $6 million in existing payroll. The Ohio Tax Credit Authority approved a 1.686%, seven-year Job Creation Tax Credit for this project.
The Job Creation Tax Credit is a refundable tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. It is a credit for the hires a company makes.
Companies creating at least 10 jobs within three years, with a minimum annual payroll of $660,000 and that pay at least 150%of the federal minimum wage are eligible for the credit.
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