The city of Stow, Ohio, is trying to keep tiremaker Mickey Thompson Performance Tires after the company said it needs more space and is considering larger sites outside of Stow.
The Stow Sentry reported the Stow City Council unanimously approved a resolution on Sept. 24 to provide a 10-year community reinvestment area tax incentive agreement with Mac-Trac Tire Co. Inc., the corporate name of Mickey Thompson Performance Tires.
Under the agreement, property taxes generated by the new development, estimated at about $290,000 annually, would be exempted. These exempted tax dollars include more than $183,000 to the school district and nearly $40,000 to the city. However, the company would pay a 50% compensation, nearly $92,000, to the schools.
At an earlier Stow-Munroe Falls City Board of Education meeting, school district interim treasurer Dave Osborne said the board agreed to accept a payment of just 35%.
To comply with the agreement, Mickey Thompson must also maintain its 58 employees and $2.5 million in payroll, which generates $50,000 annually in employee withholding tax to the city, for the 10 years. The company must also add six new employees by the end of the third year, which will add $210,000 to payroll and $4,200 in additional employee withholding tax, the Stow Sentry reported.
Economic Development Coordinator Ken Trenner said the company is considering a 15.4-acre site across the street from its current facility.
If purchased, the company said it’s considered building an estimated $12 million structure that would include 200,000 square feet of warehouse space, 20,000 square feet of office space and a 50,000-square-foot expansion area.
Mickey Thompson’s decision is expected soon and current property taxes will not be affected by the deal.
