Fairfield Development Services Director Tim Bachman said the company would invest about $11.8 million in improvements. The company also would create 239 jobs with a total annual payroll of more than $10 million.
Bachman said once the jobs are in place, it will likely be a top 15 employer in the city.
Keystone is looking to lease 200,000 to 250,000 square feet of warehouse space in the Port Union Commerce Park at 4260 Port Union Road.
“The lease has not yet been finalized,” said Philip Hurak of Ernst & Young, representing Keystone Foods. “They’re working through final negotiations.”
The first of the two ordinances approved Monday night established a community reinvestment area agreement between the city, Keystone Foods, landlords DCT Port Union and Fairfield City Schools. The CRA also includes a 10-year abatement on real property improvements.
So the school district will not lose any money from the abatement, Fairfield will compensate the schools from the income taxes collected from the project.
The second ordinance approved will waive up to $10,000 to $15,000 in building permit fees.
According to a staff report, the company recently won a contract to supply restaurants in the southern Ohio, eastern Indiana and northern Kentucky region.
Bachman said the availability of the leasable space and the proximity to Interstate 75 is what attracted the company to the city.
“There will be a lot of trucks that will come in and out of this building, so access to I-75 was important,” Bachman said. “The location fits perfectly for servicing the region.”
Bachman said the company is looking at a 15-year lease with multiple five-year extensions.
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