Company may bring jobs
- Published: December 17, 2015
A Dayton-based printing company is close to purchasing the former Creative Memories building on Dayton Street, and if the sale goes through, the move could ultimately bring about 120 jobs to the village.
That was the message delivered to Village Council at its Dec. 7 meeting by Greene County Director of Development Pete Williams, who said that Dayton Mailing Services could soon be the new owners of 888 Dayton St. because the 30-year-old company has outgrown its current building on Keowee Street in Dayton.
“This is an opportunity that I thought would never come to Yellow Springs,” Council President Karen Wintrow said.
While Wintrow, who is executive director of the Yellow Springs Chamber of Commerce, and Council member Brian Housh had been aware of the possible sale, the company just went public with its intentions on Monday, according to Williams, so that other Council members had not been aware of the situation.
However, several steps need to take place before the sale goes through, Williams said, including Council approving a tax abatement via the Ohio Enterprise Zone program. Specifically, the company seeks a 75 percent tax abatement on $1.5 million in improvements it intends to make to the property, an amount that would equal about $30,000 out of $40,000 in new property taxes. The tax abatement only lasts for 10 years, after which the Village would receive all taxes. While Council members will not vote on the abatement until their Dec. 21 meeting, they indicated approval.
However, even with the tax break, the move would mean significant new income to the Village, according to Wintrow. The company currently employs 76 full-time employees whose work would move to Yellow Springs, bringing the company’s current payroll of $2.6 million. Municipal income tax on those workers, which is the main revenue source for the Village’s general fund, would add about $35,000 to $40,000 yearly to Village coffers, with more tax revenues when more jobs are added. The Village would also receive 100 percent of property tax revenue on the building’s current valuation, as the tax abatement only affects tax on building improvements.
The company also plans to add about 16 new jobs in its first year after the move, and 30 new positions in all in its first three years. The jobs, which currently have an average salary of about $31,000, will include production workers along with more highly educated sales, design and marketing positions, Williams said.
“This is a company that wants to grow,” he said.
According to its website, the 30-year-old company was founded in 1986 by Robert Hale, and was sold to Hale’s daughter, Christine Soward, in 2005. Soward remains the head of the company, which specializes in all stages of the mailing process, from design to mailing. It is a business very much like Antioch Publishing, which built the Dayton Street building, according to Wintrow.
Along with receiving approval for the tax abatement, the building sale is also waiting on action by the Greene County Community Improvement Corporation to approve a $50,000 grant, which should take place this week, according to Williams. If that grant is approved along with the tax abatement, the sale could take place by the end of the year.
Currently, the building is owned by Yellow Springs, LLC, a group of California investors that bought the property in late 2013. Community Physicians moved its multi-physician practice into the space earlier this fall. Other local businesses in residence include Laurelei Books, owned by John and Laura McDonald, BrickForge, owned by Kyle and Rachel Peterson and Yellow Springs Primary Care, Donald Gronbeck, M.D. It is not clear what arrangements would be made with current tenants, Williams said.