American Greetings has received its final $1.25 million payment from the State of Ohio that was part of its deal to stay in the state.
State representative Tom Patton (R-Strongsville) announced Tuesday that the State Controlling Board has released the money, which was a Legacy Projects grant. The first $1.25 million payment was released in November 2011.
The final payment was approved at a meeting of the State Controlling Board on Sept. 10.
The request from the Ohio Department of Development said, "As a result of the project and State assistance provided, American Greetings will retain 1,750 at-risk, existing, full-time jobs in the City of Westlake. Based on the number of at-risk, existing, full-time jobs retained, the average cost of Legacy Grant assistance is approximately $1,428 per job."
In addition to the Legacy Projects grant, the Department of Development said that American Greetings is getting a 75 percent, 15-year Ohio Job Retention Tax Credit. The City of Westlake is slated to receive $1 million in a Roadwork Development Grant for infrastructure related to the project.
Development plans for the American Greetings world headquarters were approved at last week's City Council meeting. The current building plan is for 660,000 square feet -- 600,000 for American Greetings headquarters, 60,000 for retail space on the ground floor. A parking garage will also be built.
Income tax revenue in Westlake is projected to rise 2 percent a year for the next five years in Westlake largely because of American Greetings' move here.