About 50 new jobs will be created in October when an Ohio plastics company opens a new factory in the recently sold Jefferson City Area Chamber of Commerce spec building.
The chamber sold the spec building at 355 N. Shamrock Road on May 18 to Ohio holding company PJP Holdings, which has links to plastics company Axium Plastics. Chamber officials said in a news release the company will invest at least $25 million into the project and create 70 total jobs within three years.
The chamber said in a news release Friday it has been authorized by Jefferson City to negotiate tax abatements on real and personal property at the site. In its calculation for a return on investment for the project, the chamber cited $1.1 million in abatements over the next 10 years. The news release also said Jefferson City, Cole County and the Jefferson City public school district would receive a return of $1.9 million over that time.
Chamber officials said Jefferson City beat out several other prospective cities including Kansas City and Chicago for the factory.
"We commend Jefferson City, Cole County, the Chamber of Commerce and their business partners for the effort they put forward during our selection process," Tammy Hoffman, Axium Plastics chief operating officer, said in a news release. "The benefits associated with this location made Jefferson City the best option for our manufacturing facility."
Built in 2005, the chamber used the spec building to lure several companies to town, but the building long sat vacant. Missy Bonnot, the chamber's director of economic development, said in July the spec building accomplished its goal of attracting businesses, even if it did sit empty for a decade.
Building permits approved by the city June 16 showed a $400,000 renovation was planned during the first phase of a two-phase renovation. Axium plans to add a 75,000-square-foot addition, and the final cost of the renovation will total about $1.5 million.
Missy Bonnot, the chamber's director of economic development, told the News Tribune on Friday negotiations with Axium began in February. Other companies were looking at the property, Bonnot said, but the chamber immediately focused on this factory.
"As soon as we started negotiating with this company, we quit marketing the building," she said. "If other companies are looking at Jefferson City, obviously the spec building won't be available to them."
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The Jefferson City Chamber of Commerce announced Friday that at least 70 jobs would be created when an Ohio plastics company opens a factory in the recently sold spec building.
The chamber sold the spec building at 355 N. Shamrock Road on May 18 to Ohio holding company PJP Holdings, which has links to plastics company Axium plastics. Chamber officials said in a news release the company will invest at least $25 million into the project.
The chamber said in a news release it has been authorized to negotiate tax abatements on real and personal property. In its calculation for a return on investment for the project, the chamber cited $1.1 million in abatements over the next 10 years. The news release also said the City of Jefferson, Cole County and the Jefferson City Public School District would receive a return of $1.9 million over that time.
Chamber officials said Jefferson City beat out several other prospective cities including Kansas City and Chicago for the factory.
"We commend Jefferson City, Cole County, the Chamber of Commerce and their business partners for the effort they put forward during our selection process," said Tammy Hoffman, Axium Plastics chief operating officer in a news release. "The benefits associated with this location made Jefferson City the best option for our manufacturing facility.
Built in 2005, the chamber used the spec building to lure several companies to town; but the building long sat vacant. Missy Bonnot, the chamber's director of economic development, told the News Tribune in July that the spec building accomplished its goal of attracting businesses, even if it did sit empty for a decade.
Building permits approved by the city June 16 showed that a $400,000 renovation was planned during the first phase of a two-phase renovation. Axium plans to add a 75,000-square-foot addition, and the final cost of the renovation will total about $1.5 million.