Taylor Corp. has agreed to keep at least 500 employees at the former Standard Register building, dependent on financial incentives from local governments — including a development agency’s plan to buy its building — and a pledge by Dayton to tear down dozens of “substandard” structures near Taylor’s Albany Street offices.
The agreement involves Dayton and Montgomery County governments with CityWide Development Corp., the Dayton Development Coalition, JobsOhio, the state’s private development arm, and the Ohio Development Services Agency.
According to terms of the agreement explained by the city of Dayton, Taylor expects $1.25 million combined from Dayton and Montgomery County, and CityWide Development will buy its Dayton building. Dayton has committed to another $2.1 million in nearby “streetscape improvements.”
“It was worth it,” Ford Weber, Dayton economic development director, said of the terms. “And I can tell you we were competing against other states.” He declined to say which states were competing, but Taylor is based in North Mankato, Minn.
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Expected is a $750,000 grant from Dayton, an expense which awaits approval from Dayton City Commission, as well as a $500,000 county development grant, Dayton’s announcement said.
CityWide will buy Taylor’s building, and Taylor will enter into a ten-year property lease with CityWide, which will renovate the former Standard Register building, the city’s explanation of the agreement said.
Dayton’s release called CityWide’s incentive “a major selling point” for Taylor.
“There is a long tradition of operating in Dayton as well as a talented and experienced local workforce, but the decision had to make financial sense for Taylor Communications,” Mark Shaker, president and CEO of Miami Valley Hospital and chair of CityWide, said in the city’s release.
The city said the company recently pushed local employment to more than 600 employees.
Taylor is expected to keep the minimum number of workers in the building during its 10-year lease with CityWide, Weber said.
“They’re going to be entering into a long-term lease,” he said.
Weber said he did not know exactly where the buildings to be demolished are. But the city is doing an inventory of buildings that are considered sub-standard, and those buildings are in the company’s neighborhood, in and around the company’s Albany Street offices.
Probably most of the $2.1 million in demolition money will be state and federal dollars, Weber said.
He wasn’t sure how much CityWide will pay for the building. A message seeking comment was left for representatives of Citywide.
“We’re not in a position to say anything more than what has been published in the city of Dayton’s news release,” Dale McMichael, a spokesman for Taylor, said in an email.
Dayton said it has committed to $2.1 million in streetscape improvements over several years, as well as the demolition of 30 to 40 “dilapidated structures” through its neighborhood improvement program. The city release did not identify which structures will be torn down or where.
There may be other incentives. JobsOhio and Ohio government are “evaluating the project parameters and further assistance is under consideration,” the city’s release said.
“The project remains contingent on the approval of the incentives,” Dayton said.
“We are pleased to have reached an agreement with the city of Dayton where Taylor Communications has over 103 years of history,” Deb Taylor, CEO of Taylor Corp, said in the release. “Our continued partnership supports our mission of opportunity and security, for hundreds of employees.”
“Taylor Communications continued commitment to Dayton is tremendous news for our city and the broader region,” Dayton Mayor Nan Whaley said. “Due to the collaborative work of our local economic development partners, we were able to craft a deal that will allow Taylor Communications to have a meaningful presence in Dayton.”
“Our community came together to keep this long-standing, well-respected Dayton company where it belongs,” said Julie Sullivan, vice president of development for the Dayton Development Coalition.
In March, Taylor changed the century-old Standard Register name to Taylor Communications.