Commercial Metal Forming Seeks Incentives for Project
YOUNGSTOWN, Ohio – City Council will consider legislation this week to assist Steel Forming Inc. and Commercial Metal Forming Inc. with a $5 million project.
The legislation, which will appear on Council’s agenda Wednesday, would authorize the city’s Board of Control to assist with the company’s relocation from its existing administrative offices and construction of a new office building tat 1775 Logan Ave. The company makes heads for pressure valves.
“They’re in the Parker Hannifin building, which is scheduled for demolition,” said T. Sharon Woodberry, city economic development director. “That building will be gone and so the new facility will house their administrative offices and they will own that building.”
The incentive package includes a $2 million float loan for 12 months at ¼% interest, a water and wastewater grant not to exceed $50,000, assistance through the city’s façade and Youngstown Initiative programs, and a 75% abatement on real property improvements.
Commercial Metal Forming made “substantial investments” in its plant for work related to the oil and gas industry, Woodberry said.
Bob Messaros, president and CEO, declined to comment on the project Monday while details are still being finalized.
BACKGROUND
Oct. 3, 2012:
Commercial Metal Forming Eyes City for Investment
Copyright 2013 The Business Journal, Youngstown, Ohio.
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