DAYTON — The City of Vandalia has submitted two projects for consideration for a Montgomery County Economic Development/Government Equity (ED/GE) grant in the fall funding cycle.
Project Stop 8, an unidentified rubber and plastics manufacturer, has applied for a $175,000 grant for a project at 3345 Stop Eight Road. The company anticipates creating 44 new full-time positions with 25-30 of those in the first year. Those jobs would have an average salary of $41,000 which would generate $1.8 million in new payroll.
The Vandalia Development Corporation (VDC) has also approved the project for a $10,000 grant.
Florida-based AxoGen applied for a $350,000 grant after purchasing a building at 913 Industrial Park Drive earlier this year. The company, which specializes in peripheral nerve repair, would relocate 28 jobs that currently exist in downtown Dayton while creating 200 new jobs over five years. Payroll is expected to exceed $8 million.
According to its application, AxoGen plans to invest over $10 million in property improvements, machinery, and equipment.
The project also received a 1.583 percent Job Creation Tax Credit for 10 years by the Ohio Tax Credit Authority over ten years estimated at a value of $1.1 million.
The VDC has also approved a $50,000 grant to support the project.
AxoGen describes itself as “the leading company focused specifically on the science, development and commercialization of technologies for peripheral nerve regeneration and repair.”
In all, nine cities and townships applied for more than $2.3 million in funding in this cycle but only $1.1 million is available for grants. The ED/GE Advisory Committee, which consists of 15 members representing cities, villages, and townships, makes funding recommendations to the Montgomery County Commission. The Commissioners have the final vote.
There are two funding cycles per year.
THE ED/GE PROGRAM
The ED/GE Program was established by the Montgomery County Commissioners in 1992 to attract jobs and retain the County’s tax base, reduce inter-local competition for development, enable the County to successfully compete as a region in national and international markets, and to share the benefits of county-wide economic prosperity among all jurisdictions in the County.
ED/GE consists of two components: economic development (ED) and government equity (GE). The ED component is funded by the Montgomery County Commissioners with countywide sales tax proceeds. Projects funded from the Primary ED Fund are to be used primarily to establish or expand commercial, industrial and research facilities and create and preserve job and employment opportunities.
The overall purpose of the GE component is to share some of the economic benefits (i.e. increased revenue) resulting from new economic development among Montgomery County’s participating jurisdictions.
Reach Darrell Wacker at ((37) 684-8983 or on Twitter @VandaliaDrummer.