YOUNGSTOWN, Ohio -- The Youngstown Board of Control this morning approved a payment of up to $15,000 to the city of Campbell under the terms of its agreement to share income taxes generated by a project in the former Cold Metal Products building.
Earlier this year the two cities agreed to provide assistance to DNV Energy LLC, a spinoff of Youngstown Pipe & Supply. Both companies are located in the former CMP building, which straddles both cities. DNV makes and sells products for the oil and gas industry including standard valves and fittings as well as custom fabrications.
The payment approved by the Board of Control represents half of the income taxes collected from January through June of this year.
“It’s a good project,” said David Bozanich, city finance director. The $50,000 the city contributed to the company’s $1.15 million expansion project was among the last grants awarded through its Youngstown Initiative program before funds ran out earlier this year.
Additionally, the board approved new leases for two tenants in the city-owned 20 Federal Place building.
Carrier Services Group, which has been in 20 Federal for nearly five years, received a renewal of its lease for 667 square feet of space in the building.
A lease for 1065 square feet of space on the second floor was approved with American Maintenance Services. The company was asked to move to smaller space to accommodate plans the city has for that level, said Sean McKinney, building and grounds director. The company has been in 20 Federal about two or three years, he said.
Copyright 2014 The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.