A new company called Go Basalt has been awarded a tax credit valued at $384,000 for a $16 million expansion project that will create 100 new jobs in Lorain or Elyria, according to a news release from the Ohio Department of Development.

Company President Dwayne Dillingham said Go Basalt hopes to be up and running in three to four months. He hopes to locate in the old Ford plant in Lorain because it is a free trade zone, but he is also considering the old GM plant on Lowell Street in Elyria.

The 100 jobs created would pay $20 per hour and include benefits and profit-sharing, Dillingham said.

The Ohio Tax Credit Authority announced on Monday it has approved job creation tax credits for 23 businesses involved in projects that are expected to create 1,284 total positions and retain 2,595 jobs for Ohioans.

According to the news release:

Go Basalt LLC has been awarded a 50 percent job creation tax credit for a seven-year term as a result of the company’s expansion in either the City of Lorain or the City of Elyria (Lorain County).

The value of the tax credit is estimated at $384,000 over the term, and the company would be required to maintain operations at the project site for seven years.

Go Basalt was incorporated in Ohio in June 2009.

The company has developed a new type of rebar made from basalt fiber.

This $16 million project is expected to create 100 jobs.

“These investments are creating and saving jobs today, while laying a strong foundation for future growth and expansion,” Gov. Ted Strickland said. “We’re partnering with these businesses to help them obtain the resources they need to succeed for the long-term here in Ohio.”

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