BEREA, Ohio – As Phase 1 of Berea Mayor Cyril Kleem’s five-phase Front Street Corridor redevelopment plan, two parcels of city-owned land bank property on Thacker Street are poised to be sold to Alloy Engineering to enable the metal fabricator to expand.
Alloy Engineering built its facility at 844 Thacker Street in 1957. The company hopes to purchase the adjoining lot at 818 Thacker and construct a new 25,000-square-foot facility.
That parcel and the property next to it at 796 Thacker – on which a 4,800-square-foot building is located that Alloy plans to sell to another business seeking to remain in Berea – have been appraised at a fair market value of $120,000, which is also the sales price.
“Alloy Engineering has entered into acquisition mode and purchased some other businesses in the Carolinas and in Ohio, so they have a need to expand,” Berea Director of Economic Development Matt Madzy explained at the Oct. 7 Administrative and Council Committee meeting. “We have property (available) right next door to them.”
He added Alloy plans to hire 30 employees earning $20 to $38 per hour. That represents $1.7 million in new payroll, with Berea’s 2-percent payroll tax generating $34,800 per year for the city, Madzy said.
At the City Council meeting that followed, an ordinance authorizing Kleem to enter into a purchase agreement with Alloy Engineering received its first public reading.
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