A South Korean tire company is expanding its research and development presence in Summit County. Nexen Tire and Richfield Village have reached an agreement to keep the company there. From Ohio Public Radio station WKSU Kevin Niedermier reports.
Nexen has outgrown the research space it has leased in Richfield since 2008.
The agreement includes the village selling the company four acres of property where it will build a five-million dollar facility.
Richfield will sell the land for $200,000 which is half the actual value. And the company will receive tax increment financing which will reimburse the cost of the land purchase in about seven years.
Richfield Mayor Bobbie Beshara says the deal means income tax revenue the village receives should more than double as employment goes from 14 to about 30 people.
"We receive approximately $40,000 a year right now from Nexen. Their projected payroll out to 2019 should be around $1.6 million. So we anticipate at that point we will be collecting approximately $70,000 a year."
Construction is expected to begin in the first half of next year.