TALLMADGE DEVELOPMENT INCENTIVES

The City of Tallmadge offers the following two development incentives:

Tax Abatement

The Tax Abatement Program offers real property tax abatement through the Community Reinvestment Area Program for both industrial and commercial development. This program is for new industrial and commercial construction including additions to an existing building.  The industrial portion will abate real property taxes on the building only for a period of seven years at 100 percent or ten years at 100 percent if the yearly payroll exceeds $500,000 prior to the seventh year of the abatement. The commercial portion will abate real property taxes on the building only for a period of four years at 50 percent. This is a one-page application and must be applied for prior to the start of construction.

New Jobs Program 

The New Jobs Incentive Program offers monetary incentives to businesses occupying new and or existing industrial or commercial buildings where such occupancy creates new jobs and or eliminates blight from the community to enhance economic development.  Businesses creating new jobs within the community resulting in a minimum payroll of $250,000, all at one time, excluding benefits may be eligible for the New Jobs Program.   The business must maintain its existing and new payroll throughout the grant period. The term of the grant is five years for industrial properties and three years for commercial properties. The grant will reimburse industrial businesses at 50 percent per year of their payroll income tax collected for five years and commercial businesses at 50 percent per year of their payroll income tax collected for three years.  (Click here for New Job Incentivies Application).
 

In addition, the City of Tallmadge works closely with Jobs Ohio and the Greater Akron Chamber. They both offer a variety of programs which may assist you in your expansion or relocation. We can help to coordinate those efforts.

Please contact Dennis Loughry at 330.633.5127 or (dloughry@tallmadge-ohio.org.) to assist you in your development needs.