The Sylvania Township trustees have agreed to enter into an enterprise zone agreement with Lucas County and Kripke Enterprises, Inc., to allow for the renovation of a building at 8201 West Central Ave., the former home of Riechert Stamping, near Centennial Road.
John Zeitler. township administrator, told trustees than Kripke Enterprises, a non-ferrous scrap brokerage firm, which specializes in aluminum, needs a larger facility for its expanding business.
The company intends to invest up to $5.8 million to renovate the building and hire an additional 25 full-time employees next year. The firm has a current workforce of 22.
The enterprise zone was established by the county commissioners in 1995.
By entering into the enterprise zone the company will receive a 10-year tax abatement on the assessed value of the improvements made to the property.
Mr. Zeitler said the company will pay real estate taxes on the property minus the improvements.
He also noted that to benefit the Sylvania City School District, Kripke negotiated a payment-in-lieu-of-taxes agreement in which the company will pay the schools a minimum of $30,000 annually for the 10-year period.
Through the agreement, Mr. Zeitler said, no entity loses tax revenue, the schools gain funding and the township no longer has a large, deteriorating building in its boundaries, but has an attractive, renovated building with an active and growing business.
Written by: Mike Jones, Public Information Officer
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