Toledo Express Airport Joint Economic Development District Awards Job Creation Tax Credit Grant and Provides Airport Improvement Funding
The Toledo Express Airport Joint Economic Development District (JEDD) Board of Directors awarded a $20,000 Job Creation Tax Credit Grant to Tronair in consideration of its job creation and growth within the JEDD. Additionally, the Board of Directors appropriated $71,800 of JEDD funding to the Toledo-Lucas County Port Authority to be used for capital improvement projects in and around Toledo Express Airport.
“The JEDD allows the Port Authority to continue to provide the basic infrastructure necessary to grow existing businesses and attract additional businesses and investment to the area and into the JEDD,” said Paul Toth, President and CEO of the Toledo-Lucas County Port Authority. “It is critical to make these sites shovel-ready so we can quickly respond to new development opportunities in the area surrounding the airport, which will ultimately increase employment within the JEDD.”
Tronair received the maximum grant award, which is based on the company’s gross payroll and the amount of income tax the payroll generates for the district. Tronair has made significant investments in renovating and transferring manufacturing operations to the 300,000 sq. ft. facility at One Air Cargo Parkway, located within Express Industrial Park. In addition, the Port Authority will use this funding to aid with building site preparation and roadwork projects on the south side of Toledo Express Airport.
The City of Toledo, Monclova Township and Swanton Township formed the Toledo Express Airport JEDD in 2014 for the purpose of facilitating economic development through job preservation and creation in the area near Toledo Express Airport. The JEDD is funded through net profits of businesses located within the JEDD and through the collection of income tax from employees working in the JEDD.
For more information on the Toledo Express Airport JEDD, visit https://toledo.oh.gov/services/finance/taxation-and-treasury/toledo-express-airport-jedd-forms-information/
