Berea, Ohio – Two parcels of city-owned land bank property on Tucker Street have been sold to Alloy Engineering as the first phase of Berea Mayor Cyril Creme’s five-phase Front Street Corridor redevelopment plan. It is poised to allow metal fabricators to expand.
Alloy Engineering built the facility at 844 Tucker Street in 1957. The company wants to purchase land adjacent to 818 Tucker and build a new 25,000-square-foot facility.
The fair market value of that parcel and its neighbor, 796 Tucker, which houses a 4,800-square-foot building that Alloy plans to sell to another company that wants to remain in Bellaire, is valued at $120,000. Also the selling price.
“Alloy Engineering has gone into acquisition mode and has acquired several other companies in the Carolinas and Ohio, so we need to expand,” Berea economic development director Matt Massey said in an Oct. 7 administration.・Explained at a parliamentary committee meeting. “We have property (available) right next to them.”
He added that Alloy plans to hire 30 employees who will earn between $20 and $38 an hour. That equates to $1.7 million in new payroll, and Berea’s 2% payroll tax will generate $34,800 annually for the city, Massey said.
At a subsequent City Council meeting, the ordinance authorizing Cream to enter into a purchase agreement with Alloy Engineering was read publicly for the first time.
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