If PTTGC America (PTTGCA) goes forward with a world-scale petrochemical complex in the Ohio Valley, significant revenue is guaranteed to flow to schools and local government services. As part of an economic development deal between PTTGCA and local governments, the project would invest $47.5 million over 15 years in education and other community needs while also generating more than $20 million in sales tax revenue during construction.
PTTGCA disclosed estimates of approximately 450 direct and indirect permanent jobs for the project. In addition, thousands of workers would be hired to build the plant over the four- to five-year period once it commenced.
Belmont County, Mead Township and Shadyside Schools approved Ohio Enterprise Zone Program agreements for PTTGCA today that will result in payments of $38 million to the school district over the 15-year life of the agreement. Mead Township would receive $9.5 million during the same period. Meanwhile, Belmont County is estimated to receive between $20 million and $24 million in sales tax revenue from the purchase of goods and equipment during the construction phase. The Ohio Department of Development’s Ohio Enterprise Zone Program would provide the project with a 15-year property tax exemption.
The project team appreciates the strong support of these local partners as well as Gov. Mike DeWine, Lt. Gov. Jon Husted and JobsOhio. As always, PTTGCA is extremely grateful for the enthusiasm and the patience of the Ohio Valley community.