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
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