The new space will be utilized for warehousing of material and assembly operations for large, containerized solutions. Staco Energy, which has 70 employees, expects to hire 5 people as a result of the expansion, he said.
Staco Energy specializes in voltage control technologies, providing power systems to various agencies. The first Staco Energy variable transformer was manufactured in Dayton in 1937.
The company, which selected Miller Valentine as the project’s general contractor, received a city property tax exemption to assist with the expansion, Hoffman said.
“We provided a property tax abatement through the City’s Community Reinvestment Area (CRA) program,” Chris Fine, the city’s development director, told this news outlet. “It is a 100% credit on the improved value of the real estate for a 15-year period.”
Miamisburg was happy to offer property tax abatement to Staco Energy for this project, Fine said.
“Sometimes these incentive are what is needed to make a project financially feasible for a company, or to encourage investment in Miamisburg when they have options to invest in other locations,” he said. “The proposed building addition will result in more jobs within the Miamisburg community and the city is glad we could help make that happen.”
Headquartered in Miamisburg, Staco Energy Products is a wholly owned subsidiary of Components Corporation of America, located in Dallas, Texas.