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Hubbard OKs Tax Break for $2.5M VEC/Evets Project
HUBBARD, Ohio -- Hubbard City Council approved an enterprise zone tax abatement proposal Monday submitted by VEC/Evets Electrical Inc., which is considering a nearly $2.5 million expansion project at its facility at 500 Erie St. here.
VEC/Evets would receive a 75% property tax abatement over 10 years.
The expansion would include a new fabrication shop, office space and painting facilities and create 30 jobs within the first three years of operation and retain 20 jobs. The company is looking at growing customer demand in addition to positioning itself to meet the future needs of the oil and gas industry
William Cann, Regional Chamber economic development manager, said that VEC Inc.’s continued growth in recent years has been impressive.
“The Regional Chamber has been working with VEC over the past several months to ensure they were presented with every program to assist in the potential growth of their business,” Cann said. Cann is the chamber’s Trumbull County contact for business retention and expansion and interfaces daily with local businesses on programs specifically designed to help them thrive.
The Enterprise Zone proposal now heads to the Trumbull County commissioners for a vote Wednesday.
Published by The Business Journal, Youngstown, Ohio.
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