Events Calendar
In This Section
Auto bailout could be tied to government-run overhaul
Oil plummets on dire U.S. jobs figures
Employers cut 533,000 jobs in November, most in 34 years
Merrill Lynch shareholders approve sale to Bank of America
Worried retailers report big drop in sales
One National City executive on PNC leadership team
Most Read Stories
Blogs:
Akron Law Café:
What's Wrong with Incarcerating People for Profit?
Car Chase:
Car Guy* Gatherings
The Heldenfiles:
"Survivor" Results: A Long and Winding Road … to Something Obvious
Patrick McManamon:
Browns GM Phil Savage meets media, defers questions about the future
Browns Bulletin:
Say hello to your new starting quarterback
Cleveland Browns:
Anderson done for season
Cleveland Cavaliers:
Does the LeBron James Saga Finally Die - for Now?
CavsHQ: A Fan's View:
What to Watch For - Cavs v. Pacers
Akron Zips:
Looking ahead to Dayton
Varsity Letters:
‘Gridlocks’ high school football recap
Kent State Sports:
Home winning streak snapped by St. Mary's
Ohio Politics:
Chambliss: Hey, Guess Who Impacted This Race?
See Jane Style:
Holiday Dressing Men’s Edition
All Da King's Men:
Should We Bail Out The Big Three Automakers ?
Blog of Mass Destruction:
Obama's Place In The Center For Moderate GOP'ers
HRLite House:
The ‘House’ Test
Akron Gamer:
Quick holiday game guide
Ohio Travels with Betty:
Where is the house featured in A Christmas Story?
Sound Check:
The Pretenders to play Akron Civic Theatre on Valentine's Day
Let's Talk Real Estate:
Johnny Rockets: A taste of the 50s!
$18 million cut offered as Bridgestone Firestone weighs location of center
By Cheryl Powell
Beacon Journal business writer
Published on Tuesday, Jul 01, 2008
A state agency gave the green light Monday for Bridgestone Firestone North American Tire LLC to receive an $18 million tax break if it keeps its technical center in Akron.
The Ohio Tax Credit Authority's five-member panel unanimously approved the deal, which would allow Bridgestone Firestone to pay just 25 percent of its state commercial activity tax bills for 15 years. In exchange, the company would be required to retain operations in Akron for at least 18 years.
The offer is part of an estimated $68 million economic-development package being pulled together by the state, Summit County and the city to keep the tire company's technical center in Akron.
The Nashville-based sub
sidiary of the Japanese tire company announced last month that it has narrowed its choices for its new Bridgestone Firestone Technical Center to Akron's Firestone Park or Murfreesboro, Tenn., southeast of Nashville.
Details of neither the Ohio nor Tennessee proposals have been made public.
Akron spokesman Mark Williamson said Monday that the company has not told the city its decision.
The state tax credit sought by the company and approved on Monday ''is part of the necessary project that Bridgestone Firestone goes through in the event that they end up selecting Akron,'' Williamson said. '' . . . It's not an indicator that they have selected Akron. It's just part of the process to be prepared if they do select Akron and if they want tax credits.''
Ohio Department of Development spokeswoman Melissa Vince said that Monday's approval of the tax break verifies ''the state's commitment to the project.''
Bridgestone Firestone said in a statement, ''We continue to make progress in our project to build a world-class technology center for our Akron teammates. . . . We still have more work to do.''
Lt. Gov. Lee Fisher, who heads the Ohio Department of Development, still must approve ''a finding of extraordinary circumstance'' to extend the tax break from the typical 10-year period to 15 years, Vince said.
Bridgestone Firestone has said it needs a state-of-the-art facility to attract and retain employees.
The current technical center is in a former Firestone tire factory built in 1911 that also housed Firestone's headquarters. It employs about 600 people in high-paying jobs.
The state estimates the price tag for the new facility to be $100 million. If it goes forward, the project is expected to retain about 1,000 jobs in Akron.
Cheryl Powell can be reached at 330-996-3902 or chpowell@thebeaconjournal.com.
A state agency gave the green light Monday for Bridgestone Firestone North American Tire LLC to receive an $18 million tax break if it keeps its technical center in Akron.
Get the full article here.

