Hyland Gets Tax Breaks for Westlake Expansion; Diebold Suspends Plans for New HQ
- Nov 02, 2012
Earlier this month, the city of Westlake’s planning commission approved Hyland Software Inc.’s plans to build an office across the street from its headquarters on Clemens Road. Last week, the company won Ohio tax credits meant to encourage it to go ahead with the expansion project and add 387 jobs as well.
Hyland Software is one of the most important companies in Cleveland. It was established in 1991 by Packy Hyland Jr., and according to its Web site it currently has more than 1,200 employees. Hyland’s offices can be found in several locations throughout the United States, as well as in São Paulo, London and Tokyo.
The tech company acquired Nordson Corp.’s headquarters building and nearly 20 acres of the 25-acre campus on Clemens Road in 2008. It now plans to add a third three-story, 112,000-square-foot building just across the street from its headquarters. This new building should be large enough to house 700 employees. The tax credit is a rebate of 50 percent of Hyland Software’s state tax owed over the next five years. Hyland has to add 387 jobs and $13.5 million in payroll for the next eight years to keep the tax credits.
Companies like Hyland provide important help to the local economy. They add high-paying jobs and bring in outside money.
In other real estate-related news, Diebold Inc. has indefinitely suspended its plans to construct a new $100 million global headquarters building. The ATM maker is committed to remaining in its current location in Green, Ohio.
Plans called for the new headquarters to be built on 55 acres of land near the intersection of Massillon Road and Town Park Boulevard. Thomas Swidarski, Diebold’s president & CEO, said, ” Investing more than $100 million in a headquarters facility is not economically feasible, given the other priorities for the business at this time.” The company will focus on growing its business through investment and acquisitions and therefore needs ”adequate capital flexibility.”
Diebold will decline the various state and local financial incentives it was previously offered. These incentives, valued at more than $57 million, will now be available for other companies.
Photo credits: www.facebook.com/HylandSoftware