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Ohio awards tech company a tax credit for expected 378 new jobs in downtown Toledo

Ohio has awarded Bitwise Industries a tax credit for its planned downtown Toledo innovation center, which the California tech company pledges will create 378 jobs with an annual payroll of $20.4 million.

The Ohio Tax Credit Authority on Monday agreed Bitwise will get a 1.8 percent, 10-year job creation tax credit for its efforts, a news release from Gov. Mike DeWine and Lt. Gov. Jon Husted said. Bitwise was one of eight projects across the state newly awarded tax credits, which officials said would help create 1,105 new jobs.

Bitwise, of Fresno, Calif., is involved in software development, workforce training, as well as redeveloping older buildings and building coworking spaces.  It is partnering with ProMedica on its Toledo location — which will be located at the historic Jefferson Center, a 100,000-square-foot former Toledo Public Schools facility and post office that ProMedica bought for $1.2 million in 2019.

Some $30 million in renovations of the building are expected to be finished by 2023, ProMedica executives said earlier this year. ProMedica, a nonprofit, has said the project fits within its mission to address social determinants of health, by creating good jobs.

A Bitwise focus is workforce training for the tech industry, with an emphasis on diverse and underserved people. It is offering virtual coding courses for $250 this fall to Toledo-area residents, its website said. The planned Toledo facility will include “Bitwise Cowork,” as well as a multi-use event space and presentation area for tenants and the community. It will also have a cafe and restaurant.

Toledo will join the company’s several California locations, in Fresno, Oakland, Merced and Bakersfield. The company says it aims to “build tech economies in underestimated cities.”

Posted By: The Toledo Blade on August 23, 2021.  For more information, please click here to read the source article.

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