Eaton must employ 1,500 workers at its new headquarters in suburban Beachwood for 18 years to gain the deal's full value. This includes the 450 employees who would move from the company’s downtown headquarters.
The company was awarded a 75 percent job creation tax credit for a 15-year valued at about $17 million over the term, and the company would be required to maintain operations at the project site for 30 years. A state income tax credit of up to $30 million over 15 years was approved by the Ohio Tax Credit Authority.
The project in Beachwood involves construction of a new 470,000 square foot worldwide headquarters in the Chagrin Highlands area of Beachwood.
The $170 million project is expected to create nearly 180 jobs within three years of the its initial operations, and relocate and retain more than 500 jobs for the term of the tax credit.
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