Medina staff reports 2024 job-creation grant results: payroll and jobs exceeded early projections
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Summary
City staff presented the job-creation grant program report for tax year 2024, stating active agreements, compliance numbers and actual results to date: 1,374 full-time and 150 part-time jobs created with payroll reported at $84,964,916.61 and payroll withholdings of $1,062,061.46.
Economic development staff presented the job-creation grant annual report for the tax year ending 2024, summarizing program activity since inception and performance through 2024.
Staff said the program was created in 2007 to incentivize eligible companies to establish or expand in Medina. The report lists 28 job-creation agreements authorized since inception and nine agreements active as of Dec. 31, 2024. For 2024, two agreements were approved (one for Sandridge, which the report notes was later withdrawn and replaced by the revised project), and one agreement received final payment during the year. Staff said monitored agreements for 2024 numbered eight and seven were found in compliance.
Staff reported projected investment totals in the packet and then recited actual results to date: 1,374 full-time jobs and 150 part-time jobs created, payroll of $84,964,916.61 and payroll withholdings (city income tax) of $1,062,061.46. The report noted that grant payments are funded through non-income-tax-generated revenue. Staff said they will continue monitoring 2025 results and update council next year.