Tax Credit for TJX Project on State Agenda Today
LORDSTOWN, Ohio – The Ohio Tax Credit Authority will consider a tax incentive this morning related to the proposal by TJX Companies Inc. to build a 1.2-milion-square-foot regional distribution center here.
TJX has proposed spending approximately $160 million to develop the distribution center, which would serve its HomeGoods chain of stores and is expected to create 1,000 jobs over five years. The Massachusetts-based company has purchased or has options on more than 290 acres in the village earmarked for the project.
The agenda for the tax credit authority meeting, which is scheduled for 10 a.m., did not define the incentive. A company spokesman declined to comment Friday afternoon, and a spokesman for the Ohio Tax Credit Authority said more information would be available following the meeting, depending on the outcome.
According to Sarah Boyarko, who has been working with TJX, JobsOhio, the state’s economic development agency, has offered the company a job creation tax credit.Boyarko is senior vice president of economic development for the Youngstown/Warren Regional Chamber.
The job creation tax credit is a common incentive the state offers to assist development projects, she said. Companies that were awarded the tax credit to assist local projects include Anderson-Dubose Inc., Matalco Inc. Joseph Company International and Laird Technologies.
“We look forward to the tax credit authority’s approval of this incentive to support the company’s overall investment and job creation,” Boyarko said.
Approval of the incentive would move the process “one step closer to a positive result,” she added.
Boyarko said she and company officials are in contact every day or two.
TJX is seeking to rezone seven parcels of land from residential to industrial to accommodate construction of its distribution center.
The Lordstown Planning Commission last week approved the rezoning, and Village Council must decide whether to uphold or overturn the commission’s decision. Following a public hearing June 16, council members will vote. (WATCH THE VIDEO)
General discussions are underwkay about other incentives to assist the project, Lordstown Mayor Arno Hill said Friday afternoon.
Hill has encouraged TJX officials to outline any public incentives the company is seeking to support the distribution center before Village Council’s votes “to make sure everybody knows what we’re offering or what we’re being asked.”
Copyright 2022 The Business Journal, Youngstown, Ohio.