CLEVELAND, Ohio – A state legislative panel has approved $ 70 million in interest-free, phased-in loans for The Sherwin-Williams Co. to build its new headquarters in downtown Cleveland, as well as a new research and development center in Brecksville.
The Ohio Board of Control, which approves the expense requests, approved the two $ 35 million loans in a 6-minute virtual meeting held on December 28. The deal requires Sherwin-Williams to repay the loan over 25 years, although the state cancels payments each year the company maintains required employment measures.
The Cleveland-based painting giant committed to creating 400 new full-time jobs and the maintenance of 3,524 existing jobs, according to details of a document posted on the Ohio Development Services Agency website.
The new financial benefits of the project are just the latest in the paint giant’s plans for a 1 million square foot building on the west end of Public Square and a 500,000 square foot campus off the Interstate. 77 in Brecksville. The estimated cost of the new facilities is over $ 630 million.
The governments of Cleveland, Brecksville and Cuyahoga County have approved incentives for the project, and JobsOhio received $ 37.5 million in grants in April. Last year, the Cleveland-Cuyahoga County Port Authority also approved up to $ 50 million in taxable rental income obligations for the project.
The Development Services Agency was due to ask the Supervisory Board to approve the loans at a meeting in March. Applications have been withdrawn on the agenda at the time due to a review by the administration of Governor Mike DeWine to examine general spending cuts due to the economic fallout from the coronavirus pandemic.
Development Services Agency spokesman Todd Walker said in an email Monday that the state intends to finalize a deal with Sherwin-Williams for the loans by the end of 2020.
Sherwin-Williams said employees will likely move into both facilities in 2024.