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Trumbull OKs Loan for Youngstown Company to Relocate
WARREN, Ohio -- A Youngstown company that's experienced steady growth over the last eight years is getting government help to move its operations to Trumbull County.Trumbull County commissioners yesterday approved a loan from the county's community development block grant fund to help Extreme Machine and Fabricating Inc. relocate from the Crab Creek Industrial Park to a vacant building in Masury.Mark Zigmont, a planner for the Trumbull County Planning Commission, said the company has been considering a new site since last summer when the business was flooded during a series of major storms that swept through the Mahoning Valley. The Masury site suited its need for growth, which has remained strong over the last eight years, Zigmont stated. Extreme Machine is a machine and fabricating shop that serves aluminum plants, steel mills, extrusion mills and manufacturers in the railroad industry.Extreme Machine was awarded a $300,000 loan at 3% over 15 years. The money will be used toward the purchase of the building and relocation expenses. Total costs of the purchase and move stand at $1.8 million.The state of Ohio must approve low-interest loan agreement because the company would moving from one community to another within the state.That shouldn't be a problem, Zigmont said, because Extreme Machine was also considering a move to Pennsylvania, which would have taken all of its 61 jobs out of Ohio.In return for the incentives offered through Trumbull County, Extreme Machine pledges to create 29 new jobs, Zigmont said.Should the deal come to fruition, the company said it will invest an additional $500,000 into the operations for new equipment and fixtures. "They plan to enhance the existing building with new cranes and spend about $50,000 to $100,000 in new equipment," Zigmont said.The company has also applied for relief that would to provide abatements from paying taxes based on the value of the improvements that Extreme would make."