XENIA — A mailing services company looking to relocate to Yellow Springs will receive a tax abatement for a planned expansion project expected to cost at least $3.9 million. Greene County Commissioners approved a 10-year, 75 percent tax abatement Thursday on the value of improvements made at the Yellow Springs site where Dayton Mailing Services plans to move.
According to DMS Executive Vice President Ken Soward, the expansion will come after the company closes on a facility and property at 888 Dayton St., Yellow Springs, in the next two weeks. According to Greene County property records, the site is currently owned by a California-based company called “Yellow Springs LLC” and has an appraised value of about $700,000.
According to county documents, the company plans to spend at least $3.9 million for a planned 22,000-square-foot expansion at the site, which will increase the property’s value by an estimated $1.5 million. The company also plans to add 16 new employees with $600,000 in new payroll within three years of the project’s completion. The company currently has 74 full-time employees and a payroll of about $2.6 million.
According to Soward, the company has outgrown its production facilities in Dayton and was looking for a place to grow. While the current-state facility at 888 Dayton St. is a little smaller than the business’s Dayton facility, the planned 22,000-square-foot expansion will give the company room to grow its production operations, Soward said. He added that the company could break ground on the expansion as early as the next few weeks if there are no hard freezes.
The abatement will take place through an Ohio Enterprise Zone Agreement with the company, Greene County and the Village of Yellow Springs related only to the improvements made through the project.
According to Greene County Department of Development Director Pete Williams, the property currently generates about $20,000 in property taxes annually and with the improvements, he estimated the property would generate an additional $40,000 in taxes. After the ten-year abatement, the company would start to pay the full value of taxes – about $60,000 – on the property.
Soward called the abatement a “win-win” for both DMS and the county, as the company brings its employees and business to Greene County, and added, “The reason for us coming to the board to ask for the enterprise zone is it takes a lot to increase and move a business from one location to another.”
Greene County Commissioner Bob Glaser applauded the company, saying, “You’ve been great entrepreneurs as far as bringing the business to what its present state is. I think we all kind of admire that and anything we can do to help you, why, we’re very pleased to do that also.”
Reach Nathan Pilling at 937-502-4498 or on Twitter @XDGNatePilling.