PITTSBURGH Columbus, Ohio, is considering offering a Phoenix-based electronics recycler a five-year incentive to invest $2 million to establish itself in the city.
Closed Loop Refining & Recovery Inc. has formally requested that city officials approve a 25-percent, five-year jobs growth incentive. The Ohio Department of Development has already offered the company a 40-percent, six-year job creation tax credit.
The companys primary service is extracting lead from obsolete cathode ray tube (CRT) monitors. Its Phoenix facility is capable of recycling 3,000 tons of equipment each month.
If the Columbus incentive is approved, Closed Loop will invest $2 million in machinery at a nine-acre property with almost 300,000 square feet of warehouse space that it will lease for seven years. It could open as soon as September.
The investment would create 55 permanent jobs with an estimated annual payroll of $1.47 million, according to an application filed with the city, and the city would realize an additional $138,470 in income tax and employee withholding tax.
Closed Loop said that it selected the city for anticipated consumer demand for its services.