Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Matalco Gets Tax Credits, NSP Project on Hold
YOUNGSTOWN, Ohio --The Ohio Job Creation Tax Credit Authority today approved tax credits for Matalco Inc.'s potential economic development project in Lordstown that could create $92 million in investment and 60 jobs.
Action was postponed today on another potential job creation project in Youngstown involving California-based Network Solutions Provider, which was under consideration for job creation tax credits. Because the authority lacked a quorum, no action could be taken. A meeting on that project will be rescheduled, according to the Youngstown/Warren Regional Chamber.
The authority did approve an eight-year, 50% job creation tax credit with a value of $450,000 to Matalco, based in Ontario, Canada. The company also would receive an economic development grant from the state and workforce services and on-the-job training assistance from Trumbull County One Stop.
Matalco is considering construction of a remelt aluminum extrusion billet facility at the Ohio Commerce Center in Lordstown. The project would include an investment of $92 million that would create 60 jobs and provide an annual payroll of $4 million.
Sarah Boyarko, the chamber’s vice president for economic development, said the chamber has worked with real estate firm CBRE to identify a suitable property for Matalco and provided a significant amount of project assistance over the last year.
“We have been in competition with multiple out-of-state locations throughout the process of working with Matalco. This opportunity would be a big win for the village of Lordstown, and we hope that today’s announcement of assistance from the state of Ohio will help to bring this investment to Trumbull County.”
Chuck Joseph, a commercial/industrial real estate broker for Routh-Hurlbert, the leasing agent for the Ohio Commerce Park, said nothing is official and the company is still considering all of its options. "They're looking at the infrastructure and the site plan and how it fits with them," he said. "We think we're still in there."
Matalco, which operates an aluminum billet casting plant in Canton, also has received a 75%, 10-year property tax abatement from the village of Lordstown.
Network Solutions Provider has identified a property in downtown Youngstown for operations, but has not finalized its lease, according to the chamber. The company is talking with the city’s economic development office about additional assistance to support their pending investment. NSP describes itself as one of the fastest-growing technology integrators in the country. The company employs 27 at its headquarters, according to information posted by Inc.com, and reports 2012 revenue of $7.9 million.
Youngstown Economic Development Director T. Sharon Woodberry said that the company has yet to submit any applications for incentives through the city's development programs. "They've given us some preliminary information, so it's in the initial phases as far as our office is concerned."
“NSP has been contemplating an investment in the Mahoning Valley for a number of years," Boyarko said. "We hope that an award from the Tax Credit Authority in the near future will encourage them to pick downtown Youngstown as their next location to create jobs.”
Copyright 2013 The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our free daily email headlines and to our twice-monthly print edition.