CLEVELAND — Sherwin-Williams announced earlier this week it will stay in Cleveland and build its new headquarters in the city. On Friday, we got a first look at what was offered to entice them to remain in the area.
Cuyahoga County Executive Armond Budish has proposed a resolution before the county council asking for $14 million in financial incentives for the company. According to a briefing sent to members of the council obtained by 3News, half of that money will come from the county's reserve general fund, with another $5 million coming from an incentive grant from the county economic development fund and the remaining $2 million from the community development fund.
"Sherwin-Williams announced its search for a new headquarters and research and development site in September 2019," the briefing read, in part. "Since that time, Cuyahoga County development staff have worked closely with JobsOhio, Team Northeast Ohio, the Greater Cleveland Partnership, and municipal economic development staff to understand and meet the company’s needs for assistance with this project."
The resolution itself states the total cost of the project will be $600 million, with a research and development center going up in Brecksville along with the new headquarters. Officials say this will keep more than 3,500 full-time jobs in Cuyahoga County and add at least another 400 "over the next several years."
The resolution will be officially introduced at the council's next meeting on Tuesday. Sherwin-Williams has also apparently agreed to a "clawback" provision that will "give it a financial incentive to maintain jobs while its new facilities are built and for at least five additional years," and the county could collect the money back if those obligations are not met.
Sherwin-Williams had reportedly explored other cities in the country before ultimately deciding to remain in Cleveland. The incentives the company will receive from the city (expected to be larger) have not yet been made public, and neither has the state of Ohio's offers.