MIAMI COUNTY — The Miami County Commissioners approved a $30 million tax abatement agreement for a local business at their meeting Tuesday.
The commissioners approved an agreement with Clopay Building Projects for an enterprise zone tax abatement agreement for a $30 million expansion.
Clopay, a manufacturer of garage and entry doors, will receive a 100 percent real and tangible property tax abatement for 15 years.
Clopay is adding 200,000 square feet of manufacturing space to their current building, which will add about 200 jobs. The new addition will fill in the middle portion of the existing building, allowing the company to bring in new equipment and new employees, City of Troy Development Council’s Jim Dando said.
Bob Zonar of Clopay told the commissioners that business has been growing in recent years.
“We’d like to stay here and grow the facility,” he said. “We love the folks in Troy and Miami County. So it looks like a win-win for everybody.”
The company will continue to pay other taxes and real estate taxes on the land and existing structure.
“Clopay’s been a good corporate citizen,” Commissioner John “Bud” O’Brien said.
Troy City Council approved a 10-year, $250,000 small business loan for the company earlier this month.
The commissioners also approved the 2016 tax planning budget. This is the first step in planning the county’s budget for 2016. The final step is the adoption of appropriations, which will be voted on in December.
The County Budget Commission projects general fund revenues for 2016 to be about $24,146,631 and total funds revenues at $80,914,406. Appropriations are projected to total about $89 million, with requested expenditures limited to $29,188,432.
“Like anywhere else we have buildings we have to maintain, we have the situation with female prisoners, and we have the incarceration facility,” Commissioner Jack Evans said, explaining that the budget can change. “Stay tuned and come back in November and December when we approve our actual appropriations.”