TJX seeks tax abatement for $160M distribution center in Lordstown

A property tax abatement for TJX Companies Inc. to build a 1.2-million-square-foot warehouse in Lordstown could help the local school district avoid seeking a levy, The Business Journal reports. TJX is seeking a “10-year, 75% property tax abatement for its proposed $160 million” distribution center that would serve its HomeGoods chain, according to the article. The school district would receive a share of the income tax generated by the facility. Lordstown school board president Bill Catlin said the property for the proposed project currently generates $7,600 in property taxes annually, but based on the projected payroll of $27 million, “the village income tax would generate about $270,000 annually.” The Ohio Tax Credit Authority approved a Job Creation Tax Credit for the project that is “potentially worth more than $3.5 million” to TJX. For more, read the full article

Economic Development, Financial Incentives