Fairfield City Council approved its part of a joint economic development district agreement with West Chester Twp. Monday, May 11.
The agreement is a potential 55-year JEDD which would consolidate GE Aviation, moving it from Glendale to West Chester Twp.
The agreement is between Fairfield, West Chester Twp. and Springdale and is a 40-year contract with three five-year renewal options. West Chester Twp. trustees and Springdale council still must approve the agreement.
The JEDD would impose a 1 percent earnings tax of employees within the 47-acre area. After an administrative fee, the three communities would split revenues the first 10 years, with West Chester Twp. receiving 83 percent, Fairfield receiving 10 percent and Springdale receiving 7 percent.
Springdale has been included in the JEDD because most of the jobs would move work out of several Springdale office buildings.
After 10 years, Springdale would drop from the JEDD and West Chester’s cut would be 90 percent.
Fairfield’s projected revenues are $130,000 to $190,000 annually for the first decade. The rest of the JEDD would provide Fairfield with $130,000 to $225,000 a year.
Income taxes are based on average annual salaries of $100,000.
The project is expected to bring 2,400 jobs to the region in two phases, Bachman said. The first phase would bring 1,400 jobs.
Councilman Tim Meyers, who is employed by GE, abstained from the vote.
