Company Ravaged by Fire Making a Comeback in Cuyahoga Falls
Cuyahoga Falls and Summit County officials were able to keep Technicote Inc. in the city, save 40 jobs and bring in $10 million worth of investment after a fire tore through the local company.
When a fire ripped through the Technicote complex in December of 2011, many felt the local company would pack up and move on.
Now, a year after the blaze, Technicote’s operations are already back up and running thanks to a $10 million, 45,800-square-foot addition that was constructed to repair and expand on the damaged facility.
"After evaluating numerous options in various states and sites, we concluded rebuilding at our current location in Cuyahoga Falls was the best option,” said Technicote President Doug O’Connell in a prepared statement. “We were anxious to retain our experienced workforce, since they are one of the keys to producing the unique products we offer. Another factor was that the City of Cuyahoga Falls has been great to work with throughout this process.”
One of the factors that O'Connor is likely referencing is a 15-year, 50 percent property tax exemption granted by the city, which offered the adhesives manufacturer plenty of incentive to remain in the Falls.
The exemption will amount to about $35,000 a year in property tax savings for Technicote.
The retention of the business is a plus for the Woodridge Local Schools as well, which will collect $21,000 per year in property taxes -- a $3,000 annual increase when compared to collections before the fire, according to Cuyahoga Falls Deputy Director Jennifer Syx.
To celebrate the reopening, a ribbon cutting will be held Jan. 8 at the Technicote plant, located at 70 Marc Dr. in Cuyahoga Falls.