Friday, December 19, 2014YOUNGSTOWN, Ohio -- The Board of Control Thursday approved accepting a $300,000 grant from JobsOhio to help VAM USA with its project on Ohio Works Drive.
The grant is part of the incentive package the state put together earlier this year to encourage VAM to move forward with the project.
“We had anticipated this,” said David Bozanich, city finance director. The state has just begun circulating the documents related to the grant, he said.
Earlier this month, the Ohio Tax Credit Authority approved a 75%, seven-year job creation tax credit for VAM’s new pipe-threading mill. The project represents an $80 million investment and 82 new jobs at the site, Bozanich said.
In addition, the board approved a five-year lease with North American Waste Solutions so the company can lease 1,200 square feet on the second floor of 20 Federal Place.
The company, now headquartered in Middlefield, plans to move into the space Dec. 29, said its president, Erin Potterman. The company is a national waste broker with customers across the United States, she said.
“We give them a single point of contact and we manage their waste [to] help them reduce their costs,” she said. The company already has several customers in Youngstown, she reported.
The move is “opening new avenues and doors” for the company, Potterman said, and she is interested in helping to rejuvenate Youngstown. In all, seven employees will be in the new downtown headquarters.
Under terms of the lease, the company will pay $11,280 for the space the first year, including $5.50 per square foot plus common area maintenance charges, electric and parking. Rent will increase over the life of the lease to $7.50 per square foot.
Also, the newly combined economic development, community development and planning offices should be moved into its new space on the sixth floor of 20 Federal Place by Feb. 9, Sean McKinney, building and grounds director, said. The board approved a $13,000 contract with Bochert Bros. Painting & Decorating Co. to prep, patch, plaster and paint the offices.
Pictured: VAM threaded pipe.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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