Jo-Ann StoresHudson-based fabric and handicrafts retailer is preparing to expand near Columbus.
The company has received a tax credit from the state of Ohio for building a new facility in West Jefferson, west of Columbus.
Jo-Ann is expected to create 175 new jobs at the site and generate new annual payrolls of $ 5.7 million, according to a news release from the Ohio Development Services Agency on Monday, Jan. 25. The state gave the company a 1.192% tax credit, which has been in place for the site for eight years, to entice it into completing the project.
“Ohio is competing with Indiana for the proposed project. Government support will help the proposed project move forward in Ohio,” the agency said in its press release.
The company did not respond to requests for additional information about the project According to reports An 800,000-square-foot distribution center that supports both the company’s Midwest branches and online sales.
The state estimates the value of the loan at $ 525,000, but Jo-Ann will have to conduct job creation and payroll expansion to receive that amount.
“As always, this is an estimated value of the potential tax credit when all of the tax credit agency-approved elements are met,” said Lisa Colbert, ODSA information officer, in an email correspondence. “This is not an actual tax credit. The job creation tax credit is a performance-based tax credit. So the actual value of the tax credit is based on job creation and the generation of a new wage tax, as verified.”
As part of the agreement, the company must maintain operations at the project site for at least eleven years, the agency reported.
