MANSFIELD — Mansfield City Council on Tuesday will consider a job creation tax credit agreement for North Central Fabricators CIM, LLC/Adena Corp. that will allow the company to expand its local operation and grow its payroll.
Local lawmakers are scheduled to vote on a 50-percent, six-year tax credit that would allow for a $5 million investment by the business and the creation of an additional $705,000 in annual payroll within three years.
As part of the agreement, the company agrees to maintain operations at the current site for at least the next 12 years.
NCF CIM is an Ohio limited liability company that “is financially self-sufficient,” according to documents associated with the request. It was licensed in the state in February 2020 by Randy Payne, according to the Ohio Secretary of State’s website.
Payne is the sole owner of Adena Corporation, according to the company website. The tax credit would begin Jan. 1, 2026, and end Dec. 31, 2031.
“The job creation tax credit is a major factor in NCF CIM Fabricators, LLC’s decision to expand their operations in Mansfield,” according to the request.
As part of the effort, NCF CIM will construct an 18,000-square-foot building at its 1310 W. Fourth St. site at an estimated cost of $3 million. In addition, the company will invest $2 million in new equipment.
“With the new facility, the company will be able to fabricate a broader range of steel components for the construction industry,” the request said.
NCF CIM will add 10 full-time employees, generating $470,000 in annual payroll within three years and maintain them for the duration of the six-year tax credit.
“As a result of the project, Adena Corporation will add five full-time employees, generating $235,000 in annual payroll at their Mansfield, Ohio, location within three years of the project’s initial operation and maintain them for the term of the tax credit,” the request said.
According to the request, NCF CIM has no space left in its existing building to allow for expansion.
“The company would like to work on larger structural steel projects, but is currently limited on yard and fabricating space. Construction of a new 18,000-square-foot building attached to the current facility will allow for new overhead cranes, layout master, beam master and angle line,” according to the paperwork.
“This equipment can be used for steel on much larger projects that an affiliated company, Adena Corp., can now bid and award the work to NCF CIM,” the request said.
“This tax incentive will help to offset the expense of constructing the building and capital used to purchase the equipment. The tax incentive will help to keep operating expenses down while the company works with Adena Corp. to acquire new business,” according to the request.
According to the paperwork, the expansion may benefit other companies, as well.
“NCF CIM Fabricators sources materials from local suppliers/vendors such as K&R Supply, MHS Industrial Supply, Modulous Metals, Sherwin-Williams and Tri-R Tooling,” the company said.
“With the increase of material purchases, this may lead to additional jobs within these companies,” according to the request.