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Manufacturer plans to hire 40 in Portland

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Ohio-based Fort Recovery Industries Inc., an aluminum and zinc diecast hardware manufacturer, said it plans to locate a manufacturing facility in Portland, creating up to 40 jobs by 2013.

The company announced late Monday that it plans to invest about $4.5 million to purchase and equip an existing 50,000-square-foot building in the northeastern Indiana city near the Ohio border, about 95 miles from Indianapolis.

Fort Recovery’s plant will produce and store diecast aluminum hardware for the automotive and office furniture industries. The company expects to begin hiring manufacturing and warehousing employees early next year, once the building upgrades are finished.

The Indiana Economic Development Corp. offered Fort Recovery up to $275,000 in performance-based tax credits based on the company’s job-creation plans. The city of Portland has preliminarily approved additional property tax abatement at the request of the Jay County Development Corp.

The company, founded in Fort Recovery, Ohio, in 1945, annually casts more than 14 million pounds of aluminum and zinc.
 

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

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