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Matalco Closes on $690,000 Lordstown Land Acquisition
Wednesday, August 06, 2014LORDSTOWN, Ohio -- The welcome sign is up on the perimeter of the Ohio Commerce Park at the 31.2-acre site where Matalco Inc. plans to build what is now a $125 million remelt aluminum billet manufacturing plant.
The sale of the land was completed Tuesday, reports Chuck Joseph of Routh-Hurlbert Co., Warren. Routh-Hurlbert co-brokered the deal with the Akron office of CBRE.
Matalco paid $690,000 for the property, according to Joseph. The seller was Stirongo Lordstown LLC, the entity that owns the Ohio Commerce Park.
Penn National Sets Sept. 17 Opening for Racino
Wednesday, August 06, 2014YOUNGSTOWN, Ohio -- Penn National Gaming Inc. set Sept. 17 as the opening date of the new Hollywood Gaming at Mahoning Valley Race Course, pending final regulatory approval, the company announced Wednesday.
The grand opening is the first of two Penn National, based in Wyomissing, Pa., will celebrate for the new entertainment venue in Austintown. The second will take place Nov. 24, when thoroughbred racing begins on the new one-mile all-weather racetrack. Once its doors open Sept. 17, Hollywood Gaming will be open 24 hours a day, seven days a week.
Chesapeake Production Up, 3rd Phase at Kensington
Wednesday, August 06, 2014OKLAHOMA CITY -- Chesapeake Energy Corp., the most prolific driller in eastern Ohio's Utica shale, today reported that oil and gas production from its wells in the play increased 373% during the second quarter versus the same period last year.
Increased production has also led to more capacity at UEO Buckeye's Kensington cryogenic plant in Columbiana County. Chesapeake, a major customer of the Kensington plant, reports that the third phase of the processing facility was finished in June.
Valley Economy Improves, Still Lags National Pace
Wednesday, August 06, 2014BOARDMAN, Ohio -- While the Youngstown Metropolitan Statistical Area economy is recovering from the Great Recession, its rate of recovery is slower than the U.S. economy, a senior regional analyst with the Federal Reserve Bank of Cleveland said here Tuesday.
The analyst, Guhan Venkatu is a vice president at the Pittsburgh branch of Cleveland Fed and he offered his findings to the Youngstown/Warren Regional Chamber at Mr. Anthony’s.
Port Authority Board, County Commissioners Reconcile
Wednesday, August 06, 2014YOUNGSTOWN, Ohio -- Commissioners in Mahoning and Trumbull counties say they no longer plan to dissolve the Western Reserve Port Authority. Instead, the port authority's board of directors is expected to discuss hiring an interim executive director before seeking a full-time replacement.
Commissioners from both counties, who met nearly four hours Tuesday behind closed doors, say they are satisfied with the direction the port authority is headed and intend to fill the vacancies created earlier this year when three resigned from the board.
Community Health Systems Settles US Billing Probe
Wednesday, August 06, 2014YOUNGSTOWN, Ohio -- Community Health Systems Inc., which operates four hospitals in the Mahoning and Shenango valleys, has entered into a settlement agreement with the U.S. Department of Justice to resolve the federal investigation into short stay admissions through emergency departments at some of its affiliated hospitals.
'3 Minutes With' Guhan Venkatu, Vice President, Federal Reserve Bank of Cleveland
Wednesday, August 06, 2014BOARDMAN, Ohio -- In today's “3 Minutes With,” Guhan Venkatu, vice president of the Federal Reserve Bank of Cleveland’s Pittsburgh branch, discusses the national economic recovery, how the local economy compares and what factors are driving the economy here. Venkatu spoke Tuesday at a Youngstown/Warren Regional Chamber luncheon (READ STORY).
"3 Minutes With" is a daily video feature produced by The Business Journal.
Fracking Opponents Think 4th Time’s the Charm
Wednesday, August 06, 2014YOUNGSTOWN, Ohio -- In light of recent accidents related to shale exploration in Ohio, activists opposed to hydraulic fracturing and state control over the oil and gas industry say passage of a community bill of rights stands a good chance of passing this time around -- the fourth.
"This is more than a bill against fracking," says Susie Beiersdorfer, a geologist and member of the Community Bill of Rights Committee. "It's about our local control and our right to decide what industry comes into our community."
Lupo Sentenced to Two Years in Federal Prison
Tuesday, August 05, 2014CLEVELAND, Ohio -- Ben Lupo, the owner of Youngstown-based D&L Energy, today was sentenced to more than two years in prison for violating the Clean Water Act. Lupo was convicted of dumping fracking waste into a tributary of the Mahoning River.
Lupo pleaded guilty earlier this year of one count of making an unpermitted discharge. Today U.S. District Judge Donald Nugent sentenced Lupo to 28 months in prison and fined him $25,000.
The dumping took place between Nov. 1, 2012 and Jan. 31, 2013, according to court documents.
Design Review OKs Demos, Windows for Home Savings
Tuesday, August 05, 2014YOUNGSTOWN, Ohio -- Demolition of two downtown buildings will add 27 more parking spaces to the central business district here.
Mary Coyne Investments Inc., Cleveland, which owns several downtown parking lots including ones adjacent to the two structures, this morning received approval from the city’s Design Review Committee to take down the structures.