Hot news for Ohio! Campbell soup company began construction this week on the $44-million, 740,000-square-foot distributions center in northwestern Ohio. The distribution center located in north Findlay will employ over 200 workers and is set to open summer of 2018.
The project gained news buzz as reported by The Courier in early June. According to their report Campbell Soup Co. will avoid $1 million in taxes. Here's how:
• Campbell on Thursday leased the land it bought to the Blanchard Valley Port Authority. Government bodies like the port authority do not pay sales tax. So, sales tax will not be levied on construction materials for the warehouse, and that will spare Campbell $1 million in sales tax.
• Campbell paid the port authority $87,500 on Thursday for its help in the maneuver. When the port authority received that payment, it issued up to $37.5 million in bonds to finance construction of the warehouse. Campbell will pay off the bonds.
• Campbell will lease the warehouse from the port authority for four years with no lease fee. After four years, Campbell must buy the building from the port authority for $10,000. When Campbell buys the building, the land lease to the port authority will end.
Campbell Soup Co. plans on using this distribution center to test e-commerce solutions.
Read more about this news via The Courier.