Companies that make and distribute products would be hard-pressed to find a more suitable strategic location. Within 500 miles of the region are:
- 44% of the U.S. households
- 43% of U.S. population
- 45% of Effective Buying Income (EBI)
- 46% of U.S. earnings
- 49% of U.S. manufacturing employment
- 56% of Fortune 500 U.S. headquarters
- 42 major American and Canadian cities
Diverse economy, high worker productivity, outstanding air service and extraordinary quality of life are strong factors in positioning the region for solid economic growth in the 2000s. Among its prominent manufacturing groups are specialty chemicals, control systems, aircraft parts, metal products and processing, computer software, and printing.
- Average Household Income $51,351
- Average Home Value $125,200
- Average Home Property Tax $1,583
- Total Market Value $926,000,000
- Lubrizol Corporation 1,200
- ABB 900
- PCC Airfoils 415
- Parker Hannifin Corporation 300
- Progressive Insurance 200
- PMC Industries Incorporated 100
- Universal Metals Corporation 135
- Lake Erie Design 120
Many companies in Wickliffe conduct international business. Some import, some export and some have established joint ventures in development and manufacturing with Germany, China, Japan and the U.K. A useful resource is the North Coast International Trade Assistance Center at the Lake County Economic Development Center. They provide export assistance and international market development aid to businesses in a five-county region. The International Trade Assistance Center, which is a cooperative effort with the United States Department of Commerce and the Ohio International Trade Department, also offers assistance for “new-to-export” firms in the local community whose products have export potential and who have a commitment toward developing an export strategic plan.
For more information call the Lake County Economic Development Center (440) 357-2290.
- SBA 504 Direct Loan Program
- SBA 7A Loan Guarantee Program
- SBA LowDoc Loan Program
- 166 Direct Loan Program
- Link Deposit Program
- Mini Loan Program
- Industrial Development Bonds
- Lake County Revolving Loan
Real Estate (Lake County) taxes are assessed at 35% of market value. The effective 1996 rates for the City of Wickliffe are 77.64 per $1,000 valuation for personal property and 48.77 per $1,000 valuation for real property. Sales tax in Ohio is 5% and in Lake County 0.75% = 5.75%. Income tax for the City of Wickliffe is 2%.
Ohio Corporate: 5.1% on the first $5,000; 8.9% on income exceeding $50,000 or 5.82 mills multiplied by the value of stock, whichever is greater.
Personal: Ranges from 0.743% to 7.5%
Wickliffe Enterprise Zone Program is part of the Lake County Enterprise Zone. Tax exemptions are offered on personal and real property. The amount of investment and number of jobs created will determine the amount and term.
Ohio Job Creation Tax Credit provides a refundable tax credit against a company’s corporate franchise tax based on the state income tax paid by the new, full-time employees. Credit can be up to 100% for 10 years.
Ohio Export Tax Credit provides a non-refundable franchise tax credit on the increase of net profit due to export sales. The credit is based on the average increase in export sales during the two years prior to the year in which the credit is claimed.
Ohio Manufacturing Tax Credit is available to offset the Ohio corporate franchise tax or individual income tax of a taxpayer that purchases the new manufacturing machinery or equipment. The tax credit is equal to 20% of the cost of the new manufacturing machinery or equipment purchased.
Ohio Research & Development Tax Incentive offers a state and county sales tax exemption on machinery and equipment primarily purchased for research and development.