SOUTH POINT — The expansion of a Utah-based company to South Point’s industrial park could mean more than $1 million to the county in additional payroll and state and local development leaders are doing what they can to make that happen.

On Monday, the Ohio Tax Credit Authority authorized a 40 percent, five-year tax credit to Intermountain Electronics of Price, Utah, that designs and manufactures electrical equipment for mining operations, refineries and utilities. The company, which started in 1985 and now has more than 90 employees nationwide, could move into The Point industrial park.

“We are still in final negotiations,” Dr. Bill Dingus, executive director of the Lawrence Economic Development Corp., said. “It is looking very promising. The state offer was an important ingredient in the entire formula, for the state to provide a small incentive package to assist them in startup costs.”

The expansion would be a $5 million investment in the facility and equipment.

“There would be a great number of jobs in technology and developing products,” Dingus said.

The county is also working to get $330,000 in Community Development Block Grant funding, along with water and sewer taps, a completed access road and additional offsite improvements.

“We would be glad to support it,” County Commission President Les Boggs said. “When we are talking about good jobs, we want to bring them into Lawrence County. It is part of the job recruitment phase.”

To get the tax credit, the company must keep its operation at The Point for at least eight years. The LEDC could also provide a Local Job Creation grant reducing the purchase price of the land should the company bring the jobs to the county.