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Ryan Votes to Expand Youngstown 'Renewal Community'
WASHINGTON -- U.S. Rep. Tim Ryan, D-Ohio 17, today voted to expand the number of areas eligible to be included in the U.S. Housing and Urban Development's Renewal Community program.As a designated Renewal Community, a large portion of the city of Youngstown is one of 180 communities across the country eligible to receive certain tax incentives to assist with economic development. The House bill would enable businesses in the area known as the Riverbend industrial park to receive favorable tax benefits for which they were not previously eligible, such as accelerated depreciation rates on property investments, the congressman said. Companies located along U.S. Route 422 would also be included in the expanded Renewal Community area.The management of B.J. Alan Co., a wholesaler and retailer of consumer fireworks, had been lobbying federal officials to expand the designation to include their company. B.J. Alan is looking to build a new warehouse and is considering sites adjacent to its facilities on Martin Luther King Boulevard."This bill means more jobs for Youngstown, increased economic development, and increased tax revenue for local government and local schools," said Ryan said. "It will make Youngstown a more attractive place to do business and help existing businesses receive additional benefits."The bill, H. R. 4193, now awaits action in the U.S. Senate."