State awards $205M in incentives to Ford’s $1.5B expansion to Avon Lake plant

Ford Motor Company will receive $205 million in combined incentives over several decades if the company’s plans to “build a new electric vehicle aimed at commercial customers” at its Ohio Assembly Plant bring an expected 2,000 jobs and $108 million in new payroll to the state, reports. The Ohio Tax Credit Authority approved a performance-based “30-year tax credit worth $70 million,” meaning Ford will have to hit the $108 million in added payroll and “operate the assembly plant for at least 33 years to receive the full credit,” according to the article. JobsOhio is planning $135 million in grants for the project. Ford’s Avon Lake facility currently employs about 1,650 people. For more, read the full article.

Economic Development, Financial Incentives, State Updates