The city agreement is a 15-year, 100% tax abatement, Franzen said. Commissioners also agreed to a 90% sharing agreement of net new income tax generated with Springfield Schools.
The company is located at the former International Harvester site off of Lagonda Avenue.
“(It’s) a great kind of rebirth of that area and of the manufacturing legacy that had been there for a hundred years,” Franzen said.
The agreement, an Enterprise Zone Agreement, will allow the developer to “use the savings from the tax emption to offset capital costs that will translate to onsite expansion remaining competitive with alternative out-of-state site construction options,” according to a city document.
In August, the company announced it would expand its footprint and add hot-stamping operations, 157 new jobs and more than $6.9 million in new yearly payroll.
The company received a 1.274%, eight-year Job Creation Tax Credit for the expansion in August from the Ohio Tax Credit Authority.
Topre made its first move to 1100 Reaper Ave. in Springfield in December 2016, when the Japanese auto parts firm announced plans to invest $10 million in a new 20,000-square-foot stamping facility. That investment increased to $55 million, and company officials said its Springfield site would be 177,000 square feet and create 85 jobs.
Expansions were announced in early 2018 (adding 138,000 square feet and 204 more jobs) and 2019, to add 78,000 square feet and 71 new jobs.
In August the company added about 140,000 square feet, bringing the facility to around 750,000 to 800,000 square feet, Topre COO Brad Pepper said at the time.
Topre uses metal press-forming technology to create and supply “high-performance components and products” to a variety of industries, including cars, air conditioning systems, temperature-controlled logistics and electronic equipment, according to the state. The Springfield location started expansion in August with hot and cold stamping machines and more presses “to support a new contract” with the electric vehicles industry.
Editor’s note: This story has been updated to correct the school involved in the tax sharing agreement.
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