MANSFIELD — Richland County commissioners on Tuesday approved property tax incentives for a Shelby manufacturer that plans to invest $8 to $12 million in an expansion project.
Commissioners approved a 15-year enterprise zone for the Lloyd Rebar Co., 139 Technology Parkway.
The company founded in 2012 by Jared Mawhorr provides concrete-reinforcing steel for projects in Ohio, Indiana, Michigan, Kentucky, and Pennsylvania.
The company was recently awarded a contract to supply rebar material to support the construction of a massive new facility underway in Licking County, a deal that has contributed to the company’s need to expand.
Richland County Regional Planning Executive Director Jotika Shetty met with commissioners to outline the agreement, which has already been approved by Shelby City Council.
“This expansion is going to be for 15 years at 100-percent (property) tax abatement (on the expansion) in exchange for making sure that they retain their current employment base of 25 full-time jobs and 10 additional full-time jobs,” Shetty said.
“I think the Lloyd Rebar company has been doing exceptionally well. They were awarded some subcontracts for (a large facility in Central Ohio.) So they are trying to fill those orders as expeditiously as possible. They’ve grown the past few years.”
She said the expansion to the company’s current footprint will be 75,000 square feet of manufacturing space.
“The potential investment that they are looking to put into the property is going to be anywhere between $8 million to $12 million,” she said.
Shetty said the company and city officials had worked on compensation agreements with Shelby City Schools and Pioneer Career & Technology Center.
“(The schools) will be made whole,” she said.
Chuck Hahn, Cleveland Financial Group, invests in this independent reporting through a Newsroom Partnership. Learn more about Newsroom Partnerships.
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