Dover City Council is looking at a Tax Increment Financing agreement for Schaeffler Group USA’s plans to build a manufacturing facility that would bring 450 jobs to the city, according to a recent The Times-Reporter article. The proposed agreement would exempt the plant’s 53-acre site from property taxes for up to 30 years, “but the company would have to make service payments in lieu of taxes,” according to the article. Additionally, the city, Dover City Schools, and Buckeye Career Center “would split income tax receipts paid by workers at the plant for the duration of the TIF agreement,” with the city receiving 50% and the two schools receiving the other 50%. Mayor Shane Gunnoe “said that total income tax collections are estimated at about $14 million over that 30-year period.” The schools would receive $200,000 to $250,000 each year, while “the other $200,000 to $250,000 would go to the city.” The Dover School District currently receives “about $550 a year in property taxes from the site.” Schaeffler, a global manufacturer of “high-precision components and systems for engines and transmissions,” operates “a manufacturing facility in Wooster and an automotive aftermarket operation in Strongsville.” Gunnoe “said Schaeffler will be spending around $230 million to build the Dover plant and expand its facility in Wooster,” calling the expansion “a great thing for the local economy in terms of contractors and local labor.” For more, read the full article (subscription may be required).
TIF Agreement for Manufacturer’s $230M Expansion Would Bring Jobs, Tax Revenue to Dover
