CCCIC Recommends $500,000 in Development Loans With 79 Jobs Committed
Shawn Turner, GCP: (216) 592-2397; firstname.lastname@example.org
Miranda Pomiecko, Cuyahoga County: (216) 698-2546; email@example.com
– Today, the Cuyahoga County Community Improvement Corporation (CCCIC) reviewed and recommended for approval by the County’s legislative bodies $500,000 in Economic Development Loans for the Fairmount Santrol, Inc. project. Fairmount Santrol, Inc. proposes to move its headquarters, currently in Chesterland, Ohio, to leased office space at 3 Summit Park Rd., in Independence.
“The attraction of this company’s corporate headquarters is of major importance to the City of Independence, the County and the region,”
said Cuyahoga County Executive Armond Budish. “This project brings high paying jobs, a world headquarters presence, and generates significant payroll taxes and real estate taxes in Cuyahoga County. We are pleased to be part of this important initiative.”
The project will bring seventy-nine jobs to Cuyahoga County. Through the merger of Fairmount Santrol and Unimin, fifty-two jobs from Fairmount Santrol and twenty-seven jobs from Unimin will be relocated to the new headquarters in Independence. The Fairmount Santrol jobs are relocating from Chesterland, Ohio while the Unimin jobs are relocating from New Canaan, Connecticut.
"We are pleased that this project has been recommended for approval by the CCCIC,”
stated Joe Roman, CEO of the Greater Cleveland Partnership. “The Greater Cleveland Partnership has been working with Fairmount Santrol and our partners at Team NEO, JobsOhio and the City of Independence on this complicated project for some time. It will secure the presence of a combined, publicly-traded company with annual sales of over two billion dollars, and bring a number of new, high-quality corporate jobs to our region. Fairmount Santrol has historically been actively involved in the communities where it has a presence, including Northeast Ohio, and keeping this new company here sends a strong signal of support for our region.”
Fairmount Santrol is a world‐leading expert in the science and art of transforming sand into value‐added products whose performance far exceeds ordinary expectations. They are customer‐focused and values‐driven with strategically located facilities in North America, Europe, and Asia, supported by a global distribution and customer support network. Their global logistics capabilities include a wide‐ranging network of distribution terminals and thousands of rail cars that allow the company to effectively serve customers wherever they operate.
The term of the loan will be seven years.
The estimated annual tax benefit from this project totals $389,381.