Norwood Medical, which has nine plants on its Dayton campus, has promised to invest at least $2.8 million in the projects and create at least 30 new jobs.
On Tuesday, a tax incentive review council voted in favor of continuing two enterprise zone agreements with Norwood Medical because the company substantially met its pledged job and investment goals.
“The enterprise zone agreements with Norwood Tool represent yet another expansion of that fantastic northeast Dayton company,” said Joe Parlette, Dayton’s deputy city manager.
The Dayton City Commission approved two enterprise zone agreements with Norwood Medical that will provide 75% property tax abatements on the increased value of the two Webster Street properties when new facilities are constructed.
The abatement period will last 10 years.
Norwood Medical plans to invest about $1.4 million constructing a new 33,120-square-foot manufacturing facility, according to a memo from Ford Weber, Dayton’s economic development director.
The project will create at least 20 full-time positions.
The company also plans to build a new 42,750-square-foot warehouse that will create at least 10 new jobs, Weber said.
Norwood Medical says it also will invest at least $1.4 million in the project.
Norwood Medical, which makes medical devices and implants, says it had about 1,184 employees at the end of last year, according to enterprise zone agreement documents.
The company has a couple of active enterprise zone agreements that also abate 75% of real estate taxes. The abatements are on the increased value of multiple properties on Webster Street and Winners Circle.
Norwood has invested about $29 million into new facilities at its campus since it entered into enterprise zone agreements in 2010 and 2014, according to documents from the tax incentive review council.
Norwood Medical has increased its payroll by about 25% since 2016, the documents say.
Norwood pledged to hire about 60 new workers through those enterprise zone program projects but actually created many times that amount of new jobs, the documents state.
“Their job numbers are up, and they’re doing really, really well,” said Mary Faulkner, senior economic development specialist with the city.
A significant share of the new jobs the company has created have been filled by people living in the city of Dayton, she said.
Since 1983, the city has approved 259 enterprise zone agreements, Faulkner said.
Dayton has five active enterprise zone agreements that are reviewed annually that have led to more than $97 million in new investment ― more than twice the level of investment the companies pledged to make, she said.
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