It plans to relocate to Miamisburg its 19 employees with an associated $1.7 million in annual payroll.
“Over the next three to five years, they plan on essentially doubling the size of the company to 42 employees and $3.4 million in annual payroll,” Fine said. “At full build out, they would be about $76,000 in additional income taxes to the city on an annual basis.”
The move to Miamisburg would require about $250,000 to $300,000 of tenant fit up costs on the part of the company, as well as $70,000 to $100,000 in estimated relocation expenses, he said.
The company asked the city of Miamisburg for assistance to make the move financially feasible, Fine said.
Miamisburg City Council on Tuesday evening voted to approve an ordinance authorizing City Manager Keith Johnson to enter into an agreement with Spintech Holdings to provide a 40% job creation tax credit for a 5-year period. The tax credit is valued at about $105,000, he said.
The agreement contains repayment provisions should the company fail to meet some of its obligations outlined within, Fine said.