The city has approved the sale of Miami Valley Research Park land that’s expected to help a Kettering medical device business expand, adding more than 90 jobs.
The city council’s 5-0 vote Tuesday night for the sale of about 2.3 acres to a Beavercreek construction and real estate development company is a step toward Resonetics LLC growing its employment at the 1,250-acre business park, said Kettering City Manager Mark Schwieterman.
The Resonetics expansion is expected to add 95 jobs, generating $5 million in new annual payroll and retain $7.3 million in existing payroll, according to the state.
“We’re excited about the retention and expansion. That’s a focus of the city because we are in many cases working with existing businesses to help them grow,” Schwieterman said.
“In this case we’re excited because we’re helping grow Resonetics while at the same time we’re involved in something we don’t have a lot of — raw, developable land to work with,” he said. “Resonetics has been a great company for the research park and the city for a number of years. And this growth obviously will take them into the next generation here in Kettering.”
The sale would involve land on the southern part of MVRP being sold for $55,000 an acre to Yolo Development 1 LLC, which has the same Beavercreek address as Synergy Building Systems, Kettering records indicate.
Synergy Building Systems President and CEO Jerad Barnett is listed as purchaser on documents. A contract to buy the land near Donation Circle and College Drive was signed in February by Barnett and Schwieterman.
Synergy and Resonetics are part of “a partnership” for the Kettering business to “increase their footprint” at the site by adding a new building, which is expected to be about 20,000 square feet, Schwieterman said.
Attempts to reach Resonetics and Barnett this week were unsuccessful.
The Ohio Tax Credit Authority has approved a 1.493%, eight-year tax credit valued at $570,000 for the expansion, said Lisa Colbert of the Ohio Development Services Agency.
The business has about 147 employees in a 20,000 square foot facility on 4.5 acres in the College Drive building it moved into in 2013, according to the city.
State figures show the new payroll would average about $52,000 a year per job.
The business, based in Nashua, New Hampshire, focuses its technology on components and assemblies for medical device and diagnostics manufacturers, according to its website. It has 10 offices across four countries.