PALMA, Ohio — Two years after the Prince & Izant Company announced plans to expand operations at its existing Palma facility, the city council is now considering a five-year extension to the international agency’s previous economic development pact. .
“Originally, in 2016, we signed an Economic Development Agreement (Payroll Tax Sharing) with Prince & Isant,” says Eric Trerup, Parma’s Director of Economic Development. “At the beginning of 2020, Prince & Izant was considering moving its headquarters from Parma.
“We offered to extend the original contract for five years if they would stay here in Parma and expand once the work was completed. Now, two years later, they have accommodated the expansion and moved the work to Parma , ready to create more manufacturing jobs here.”
The $2.4 million, 30,000 square foot expansion created 21 new jobs, generated $975,000 in additional pay, and retained 104 existing positions.
The Economic Development Agreement allows Prince & Izant Company to receive 50% of payroll taxes, equivalent to $108,000 annually.
Tollerup says the city’s approach to economic development is “50% better than 100% nothing.”
“They could have moved to greener pastures and accepted property tax incentives from other communities,” Trelap said. “Actually, instead of giving property tax incentives, the payroll tax covers the property tax in Palma.
“Also, with all the new employees coming in, we’re still getting 50% of that new hire. Palma gets $108,000 a year.”
The Prince & Izant Company is located at 12999 Plaza Drive in Palma. (John Benson/cleveland.com)
Prince & Izant Company is a global provider of brazing alloys and metal joining products to the automotive, cutting tools, oil and gas exploration, HVACR, and electrical manufacturing industries.
The expansion not only involves increasing manufacturing capacity on campus to meet the growing demand for the company’s products, but also consolidating operations from the company’s recently closed Indiana manufacturing facility.
“We are thrilled that Prince & Isant will continue and expand their operations in the City of Parma,” said Mayor Tim Diggiter. I’m here.
“They are a great company and very family oriented, which was proven last year when I was a guest at a family picnic with employees. We would like to thank the Department of Economic Development and its director, Eric Trelap, for their efforts.”
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