One of those companies is Magnode Corporation in Trenton, which will bring in 171 full-time equivalent employees generating $10.6 million in new annual payroll and retain $16 million in existing payroll by the end of 2024, according to Ohio Department Services Agency documents.
The Ohio Tax Credit Authority awarded Madnode a nine-year 1.811% Job Creation Tax Credit for this project which is worth around $1.4 million, according to the state development department.
The Job Creation Tax Credit is a performance-based credit, so the actual value of the tax credit is based on verified jobs created and new payroll tax generated. The company must remain in operation at least a dozen years.
The records show the aluminum extrusion company was looking to possibly relocate to Indiana or Michigan. Company officials could not be reached for comment on the project.
Butler County Development Director David Fehr said the company “is really crammed in for space” at the current Trenton location and they worked very hard convincing Magnode to stay here, keeping high paying jobs within the county. The average wage at the existing facility is $60,000 a year and for the new positions the average wage is $68,000.
“That’s well above what the median income is for Butler County so we’re raising the bar on wages,” Fehr said. “That was real exciting for us, so $68,000 on average, some people are even making more than that for the new positions, that’s really strong for manufacturing.”
During a recent annexation public hearing before the county commissioners, Magnode attorney Charles Baverman revealed his client was negotiating with the city to buy 50 acres in the expanded industrial park. He said the facility would have an economic impact of $50 to $70 million.
Fehr said right now development countywide is about 50/50 in terms of brand new companies and those expanding like Magnode.
“We tried to tout the positives of the community,” Fehr said. “At the end of the day it’s a business decision for the company, but I think when you look at solid school districts, nice communities to live in so you can attract the employees you need, that whole package, along with some of the help from the state and the local areas, it made sense for them to expand.”
REDI Cincinnati, an organization that promotes economic development in the region, in 2020 reported 732 new jobs were created in the county with a total payroll of $30.3 million.
About the Author