The Dayton-Montgomery County Port Authority will issue nearly $1.9 million in tax-exempt bonds for road work tied to the health products producer Midmark Corp.’s $40 million research and development expansion in Versailles.
The issuance was approved Monday by Port Authority trustees.
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First announced last year, Midmark — a maker of of medical, dental and veterinary equipment — this year is expanding its Darke County R&D center, creating at least 97 new jobs over five years in the process.
Construction of the 50,00o-square-foot R&D center will begin in the third quarter this year and will be complete by the final quarter of 2019, according to Port Authority documents.
The bond funds will go to the extension of North West Street from Jackson Street to Baker Road, accommodating the expanded center.
Midmark has some 1,700 employees worldwide, with about 900 employees and a more than $58 million payroll in Versailles.
The company is privately held but big enough to be publicly traded, Jerry Brunswick, the Port Authority’s executive director, told his trustees in a meeting Monday.
Brunswick said the project has implications beyond Versailles, noting that the company will have its headquarters in Austin Landing in Miami Twp. by October this year. It is headquartered today on the University of Dayton’s River Campus.
“Midmark really is a significant employer in the region,” Brunswick said.
The village of Versailles, Midmark and the Ohio Department of Transportation are also expected to contribute to the project.
The expansion is meant to speed development of health care products, the company said when it first announced the expansion last May. Further details about the project came in November.
JobsOhio, the state’s private development corporation, has committed $5 million from its R&D Center Grant Program to support the project.