Council OKs Incentives for VAM Threading Mill
YOUNGSTOWN, Ohio -- City Council voted unanimously last night to approved an incentive package for VAM USA that would enable the division of Vallourec Star to invest $81.5 million to open a threading mill at the Ohio Works Industrial Park.
The incentives include a 75%, 10-year abatement on property taxes at the proposed site, the former Genmak building at 1053 Ohio Works Drive, which VAM purchased in September for $2.5 million.
VAM has not officially committed to the project. According to documents, the company would make improvements to the 76,000-square-foot building and expand it by 67,500-square-feet.
The threading mill would employ 84.
VAM is expected to decide whether to move forward on the project in the next few months.
BACKGROUND:
VAM Seeks City Incentives for New Plant Location
Copyright 2014 The Business Journal, Youngstown, Ohio.
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