Falls City Council Approves $530K Technicote Tax Break
The ordinance will enable the adhesives manufacture to rebuild at its current Marc Drive site.
Technicote Inc. will remain in the Falls, rebuild and expand its operation due, in large part, to the work of city officials and devoted factory employees.
The news came Tuesday night after the Cuyahoga Falls City Council approved a measure granting a large, six-figure tax exemption to the adhesives manufacturer.
Over the next 15 years, Technicote will only have to pay about 50 percent of its property taxes, equating to about a $530,000 savings overall or $35,500 annually, said Jennifer Syx, the city’s deputy director of development, at a May 21 council meeting.
In return, Technicote will invest in a $10.3 million, 45,000 square foot expansion at its Marc Drive site, according to Judson Waters, the manufacturer's director of operations.
The eight-figure expenditure will also pay for new machinery, equipment and inventory, he said.
This past December, the Cuyahoga Falls Fire Department got a call that a fire had broken out at the Technicote factory. Within just a few hours, the blaze was under control, but a large portion of the complex had been destroyed.
All ten workers there at the time escaped unharmed. No firefighters were injured.