BX Solutions Inc. will retain rights to the aiport's cargo hub under a one-year, renewable contract which includes a fixed annual rent and a cut of gross income for the port authority.
"The Toledo-Lucas County Port Authority is excited about the potential this partnership with BX Solutions could hold, especially because of the number of jobs -- 500[-plus] new full and part-time positions -- that the company plans to create in the first year," Paul Toth, the port authority's president and chief executive officer, told The Blade.
According to documents from the board meeting, BX Solutions will pay the port authority $1 million next year, $1.25 million in 2013 and $1.5 million in 2014 to use the aiport's cargo hub. The company anticipates hiring 300 full-time employees and 450 part-time employees to sort and handle packages at the facility within three years.
The contract also stipulates the port authority's cut of annual gross revenue: Two percent between $20 million and $40 million and 3 percent of gross revenue between $40 million and $60 million.
In July, Toledo Express announced the loss of 700 employee jobs due to the demise of the airport's former cargo hub company, BAX Global. At its peak, BAX Global was turning 22 flights and 1.2 million pounds of cargo a night at the Toledo facility.
The Ohio Department of Development approved the transition of a $2.8 million loan the port obtained for BAX Global hub improvements for BX Solutions. As an added incentive, the loan can become a grant if the company hires at least 100 full-time and 400 part-time jobs