MORAINE, Ohio (WDTN) – Fuyao Glass America is getting closer to producing windshields in the old General Motors plant in Moraine.
Currently offices and a cafeteria are being built. It’s an expansion worth $3.3 million.
Thursday night, Moraine’s city council approved an agreement that allows Fuyao to not have to pay property tax on the company’s newest investment.
“There’s a twelve year period of time that the property taxes will be abated but when you look at the overall big picture,” said Moraine mayor Elaine Allison, “Twelve years over a much longer span of time, it’s just a drop in the bucket.”
2 NEWS asked Moraine’s economic development director, Michael Davis, with the property tax abatement lasting twelve years, will the city of Moraine be missing out on money the city so desperately needs?
“I would say no, because you’re bringing life to a facility that will actually end up increasing its value within that 12 year period,” said Davis.
If Fuyao doesn’t stick to its investment agreement with the city, mayor Allison says the company’s no property tax deal with Moraine, can go away.
“Certain payroll numbers have to be met, certain investment numbers have to be met. There’s a whole serieis of steps that have to go part and parcel to get this whole twelve year abatement and if for some reason they don’t meet it, then it’s up to a committee whether or not that abatement would continue or not,” said mayor Allison.
With Fuyao set to give 1,500 people jobs and investing hundreds of millions of dollars in Moraine, city officials said they expect to see more benefits in the future.
“We feel confident over time that Fuyao will be happy with the workforce here. Happy with the community and will continue to grow from that point forward,” said Davis.
Moraine city council members unanimously passed the resolution tonight.
Officials said the Kettering School District has agreements with Fuyao to create internships for students and jobs after graduation.