Job Creation Grants Responsible For 1,800 Jobs in 2011
Solon's Economic Development Director Peggy Weil Dorfman presented the 2011 Annual report on the job creation program to City Council this week.
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Solon's job creation grant program is responsible for more than 1,800 new jobs and retaining another 853, according to the program's 2011 annual report.
The report, delivered to City Council on Tuesday, also shows that the program is responsible for nearly $1.4 million in new payroll, after grants paid out to the companies.
The grants issued will cost the city about $1 million, which includes some monitoring costs.
The program pays grants to companies who either bring jobs or retain jobs in Solon. Grants are paid out depending on whether companies meet the job creation and investment benchmarks spelled out in their agreements.
Here's a summary of the report:
| No. of active grant agreements, as of end of 2011 | 23 (3 won't be paid until next year |
| No. of grants paid based on 2011 performance | 18 |
| No. of companies that met or exceeded payroll projects | 15 |
| No of companies within 10 percent of payroll projections | 1 |
| No. of companies that met or exceeded job creation projections | 11 |
| No. of companies within 10 percent of job creation projections | 3 |
| Monetary amount of grants issued (plus $9,000 in fees) | $1.044 million |
| 2011 new payroll tax | $2.38 million |
| Net new payroll tax (after grants paid) | $1.337 million |
| Job creation | 1813 |
| Job retention | 852 |
