Posted by Michelle Jarboe/Plain Dealer Reporter January 26, 2009 17:50PM
The state Monday awarded a $5 million loan to tire-maker Bridgestone Firestone North American Tire LLC and an estimated $1.8 million in tax credits to J.M Smucker Co. to encourage and reward the companies for expanding and adding jobs.
Bridgestone Firestone already had received incentives to support development of its planned technical center in Akron. Last summer, the Ohio Tax Credit Authority recommended that the company receive job-retention benefits worth $18 million in exchange for retaining 685 jobs and creating 315 more.
Monday, the state awarded Bridgestone Firestone a research and development investment loan, to finance construction and equipment purchases for the project. The $5 million loan carries an interest rate of 2 percent and has a 15-year term.
In a separate announcement, the state awarded tax credits to three Northeast Ohio companies, including Smucker. The maker of jams, jellies and other products is expanding its corporate headquarters in Orville. The $15 million project could create 115 jobs, bringing Smucker's total Orville work force to more than 1,400 people.
Smucker could receive roughly $1.8 million in credits over a decade, to offset income taxes or commercial activity taxes. To receive the credits, Smucker must keep its operations at the Orville site for 20 years. Learn more.