By: Tara Kunkle
Ed Richter of the Middletown Journal reported today that the Middletown based company, Accurate Converting, is in danger of losing its enterprise zone tax abatement. The first reading of an ordinance to terminate the agreement will be heard by the Middletown City Council on Tuesday, March 17th. According to the city’s Economic Development Department, Accurate Converting has not been living up to the terms of its enterprise zone agreement which is to create new jobs and increase its payroll.
On March 5th the city’s Tax Incentive Review Committee met in order to review the performance of the city’s enterprise zone agreements for property tax exemption and is required to make its report to the Ohio Department of Development. During the year of 2008 Middletown has 13 active enterprise zone agreements that were for property tax exemption and 13 active Tax Incremental Financing districts for seven commercial and six residential projects. There were three more enterprise zone agreements in 2008 that were executed.
TheTIRC has voted to allow all active enterprise zone agreements, with the exception of Accurate Converting, and all TIF districts to continue until the TIRC’s 2009 meeting. The TIRC reports all of the TIF’s have been performing as expected. The expiration date for Accurate Converting would have been on December 31st.
Visit the Middletown Forum to discuss your thoughts on Middletown Enterprise Zone Agreements.