Youngstown officials to consider tax-abatement legislation
YOUNGSTOWN — City council will consider legislation Wednesday authorizing the board of control to give a tax abatement to a $20 million self-chilling beverage can company and to loan $923,700 to a chair company planning an expansion project.
Joseph Co. International – owners of the trademark to the “chill-can,” which allows a drink to be chilled in less than a minute – is seeking a 75-percent, 10-year real-property tax abatement. The abatement would save the company $313,142 over the 10 years with Joseph Co. paying $86,841 during that time.
The city approved a $1.5 million development grant to the company two weeks ago that includes the purchase and conveyance of property, and demolition assistance.
The company will be in full operation by 2018, starting with 50 employees and having 257 after three years in business. The company’s annual payroll will be $5 million once it’s fully operational with the average job paying $10 an hour.
The location is bounded by Oak Street, North Fruit Street, Himrod Avenue and the Madison Avenue Expressway. It was a largely vacant East Side neighborhood with nearly every property owner in that location having sold to the city.
Also on council’s agenda is a proposal to loan up to $923,700 to Gasser Chair Co. Inc. of 2559 Logan Way for an expansion project at its 75,000-square-foot warehouse facility and increase its manufacturing operations, said T. Sharon Woodberry, the city’s director of community planning and economic development department.
For the complete story, read Tuesday's Vindicator and Vindy.com