Kripke Enterprises, Inc, has been granted permits for a renovation project estimated to cost $5.7 million at its new property at 8201 West Central Ave., the former Riechert Stamping building near Centennial Road.
Kripke and the Sylvania Township trustees earlier agreed to enter into an enterprise zone agreement to allow for the renovation.
A Kripke official, Andy Golding, said they hope to occupy and begin operations from that location by mid to late September.
The company is a non-ferrous metal brokerage, specializing in aluminum and has been growing out of the space available at its Hill Avenue location.
Among the renovations will be the construction of office space for the company which also has operations in Florida and Tennessee. Mr. Golding said there are plans to improve the exterior of the site including painting the 225,000 sq. ft. building.
Kripke will occupy about 125,000 sq. ft. and plans to lease the remaining space.
The firm has a workforce of 22 currently, but officials think they expect to hire an additional 25 workers next year.
The enterprise zone was established by the county commissioners in 1995.
By entering the enterprise zone, the company will receive a 10-year tax abatement on the assessed value of the improvements made to the property.
John Zeitler, Sylvania Township administrator, 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 will gain an attractive, renovated building with an active and growing business.
Written by: Mike Jones, Public Works Officer
Posted: June 7, 2019
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