Sale agreement, tax credits to enable Eurostampa expansion

An Italian specialty label printing company with its North American headquarters in Cincinnati has received a package from the City of Cincinnati that will enable it to add an additional 30 employees over the next three years.

City Council approved three ordinances that will enable Eurostampa North America Inc. to construct a new $7.2 million, 70,000-square-foot building at 1440 Seymour Avenue in Roselawn.

The City will sell 6.8 acres in the Summit Business Park for the assessed fair market value of $647,000. The property, which includes nearly half of the former Summit Behavioral Center site, was rezoned for manufacturing use in March.

The sale agreement requires the building to be completed by March 2012.

Eurostampa North America Inc. will also receive a ten-year Community Reinvestment Area tax exemption on 75 percent of the property's increased tax value and a ten-year, nonrefundable job creation tax credit on 50 percent of all income taxes resulting from the new jobs.

The company, which plans to invest $5 million in the project, requested the tax credits to offset capital expenditures, including the purchase of additional machinery and equipment.

The 30 additional jobs, in addition to the company's 49 current employees, must be retained through 2022.

The Ohio Department of Development awarded the company a six-year, 45 percent job creation tax credit in April, estimated at more than $301,000.

Eurostampa North America Inc. currently is located in a 46-year-old building at 1860 Summit Road.

Previous reading on BC:
Roselawn property rezoned for light manufacturing park (3/25/10)