Tuesday, July 3, 2012

Meyer Tool to expand facilities, add 50 jobs

At its meeting last Tuesday, Cincinnati City Council passed a package of agreements that will allow Meyer Tool to expand in Camp Washington.

The company plans to invest $3.5 million to construct and equip a new 30,000-square-foot facility at 3154 Spring Grove Avenue and to expand its existing building at 3055 Colerain Avenue, allowing it to add 50 new jobs by 2015.

The agreements include a 15-year Community Reinvestment Area (CRA) tax exemption agreement, reducing the development's property tax liability by $667,050; and a five-year job creation tax credit agreement equal to 45 percent of the City income tax revenue generated by the new jobs.

The City also agreed to sell to the company 0.3 acres of property it owns on the northeast corner of Hopple Street and Garrard Avenue, appraised at between $20,000 and $36,000, for $10,000. The company will be responsible for maintaining a sculpture, rain garden, and public plaza on the site.

Construction is expected to be completed by next spring.

Founded and headquartered in Cincinnati in 1979, Meyer Tool produces turbine engine components and test stands for aircraft engine manufacturers. Customers include GE Aviation, Honeywell, Pratt & Whitney, Rolls-Royce, and Snecma.

The company has more than 580 employees.