NEW DETAILS: Dayton seeks $1M in economic grants for Joby flying taxi plant

The city of Dayton has applied for a local $1 million development grant to incentivize Joby Aviation Inc. to build a new flying car manufacturing plant near Dayton International Airport.

The city recently applied for the money under Montgomery County’s ED/GE program — Economic Development/Government Equity funds pooled by county communities seeking to attract or retain businesses.

California-based Joby is poised to invest up to $475 million to construct its first scaled manufacturing facility in the Dayton/Montgomery County area, a release from the county said Friday.

“The facility will be home to 1,200 highly skilled employees and further strengthen the region’s aerospace industry,” the county said in a release. “No site has been selected at this time.”

Joby officials late last month said they had no announcement on local real estate purchases.

Joby’s stock (NYSE: JOBY) has been up in recent days after the company reported its third-quarter earnings results.

At the end of the third quarter, Joby said it had $1.1 billion in cash and short-term investments.

The company also reported net income of $1.5 million. Compared with Joby’s second-quarter performance, the third-quarter net income was $287.6 million above last quarter’s loss.

Joby also reported EBITDA —earnings before interest, taxes, depreciation, and amortization, a key corporate measure — on the quarter of a loss of $93.1 million, reflecting what the company said were “employee costs associated with the development, certification and manufacturing of the aircraft.”

Early Friday, Joby’s stock was up about 14 cents at $6.20 per share, a 2.2% rise.

Other incentives are on the table. The Ohio Department of Development Tax Credit Authority this week approved a Job Creation Tax Credit with an estimated value of $93 million, while JobsOhio, the state’s private development arm, is considering $110 million for Joby as well as workforce services.

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