Youngstown Tool & Die to spend at least $13 million on project
Project application to be considered at special meeting today
By David Skolnick
Youngstown Tool & Die Co. wants to spend at least $13 million to construct a new building, add equipment and hire an additional 57 employees.
The company’s plan is contingent on a tax abatement that city council will consider at a special meeting today.
The 57-year-old company is seeking a 75-percent, 10-year real-property tax abatement.
Over that 10-year period, the company would save $655,750 in real-property taxes and pay $218,583 if the abatement is approved.
The city’s board of control also needs to approve the abatement.
The company, which provides custom designed aluminium extrusion dies, currently employs 43 at its 1261 Poland Ave. location.
The company’s current annual payroll with the new jobs would expand from $2 million to $4.5 million, according to an application Youngstown Tool & Die filled out for the tax abatement.
The new 60,000-square-foot facility would be in the Salt Springs Business Park on 12 vacant acres, said T. Sharon Woodberry, the city’s director of community planning and economic development.
The company would purchase the undeveloped property from the city for $10.
“It’s not settled where yet,” said David Mrdjenovic, the company’s general manager. “We’re interested in that [Salt Springs] location, but nothing has been finalized. Council has to approve the plan so we can make the deal happen.”
A decision is expected in the next month or two, Mrdjenovic said.
“This will allow us to branch out nationwide and perhaps into Canada and Mexico,” he said. “We’re excited about this expansion.”
The project’s construction would begin in a few months and would be done in 2022.
Mrdjenovic wrote in the abatement application: “A strong incentive package is critical for us to move forward with this significant project expansion in Ohio. We are considering other out-of-state options, and the receipt of this program is a determining factor in our ultimate decision” to expand in Youngstown.