Economic incentives pact, CIP approved
Incentives that will bring at least 77 new jobs to Dublin were approved this week.
An economic development package of almost $100,000 was approved for G-TEKT North America, which will establish a research and development headquarters in Dublin.
The company, headquartered in Japan, wants to establish a building in Dublin to provide research and development for all of its North America facilities, said Dublin Economic Development Administrator Jeremiah Gracia.
The company has already chosen a Dublin location on Cramer Creek and jobs at the site will be engineering, said Jim Zemet, head of engineering for subsidiary Jefferson Industries Corp.
A push to move research and development to North America came when the company realized most sales come from the U.S., he said.
"The new G-TEKT will be an umbrella for engineering and development for all the folks in North America," Zemit said.
The incentives include a $30,000 location grant and a five-year, 12-percent performance incentive on income tax withholdings collected by the city, with a cap of $69,000.
In return, G-TEKT will create 77 jobs in Dublin at its new Cramer Creek location by the end of 2014.
Jefferson Industries Corp. Vice President Hassan Saadat said the number of employees at the Dublin research and development facility will likely be more than 77.
Dublin expects to collect $400,880 in income tax withholdings during the course of the economic development deal.
Council members also this week approved the 2014-2018 Capital Improvement Program that set improvements and new projects in the city.
The CIP is set to fund more than $42 million in projects in 2014 and $51 million in 2015.
Projects included in the CIP include Bridge Street District projects such as a pedestrian bridge over the Scioto River, the realignment of Riverside Drive north of state Route 161 and a roundabout at state Route 161 and Riverside Drive.
The city is also planning to complete a park on both sides of the Scioto River and the final leg of Emerald Parkway from Riverside Drive to the northern leg just south of Hard Road.