Tax abatement for Concord's owners
THE VINDICATOR, YOUNGSTOWN
WARREN -- The new owners of Concord Steel in Warren will pay only 25 percent of real and property taxes on new equipment and inventory at the Buena Vista Northeast facility.
Trumbull County Commissioners and Warren City Council approved a 10-year, 75-percent tax abatement for the company Wednesday.
Members of the city's board of education said they have no problem with the abatement.
The new owners, CRC Acquisition Co. LLC, intend to bring $750,000 worth of new machinery from a plant they are closing in Harvey, Ill., the planning commission's Mark Zigmont told commissioners.
CRC Acquisition also plans $100,000 worth of improvements to the building, and to keep $3 million additional inventory at the plant, he said.
The company purchased Concord Steel out of bankruptcy and signed an agreement to keep the 50 unionized workers at the plant.
As a condition of the tax abatement, the company pledged to hire 20 additional workers this year, 20 more next year, and 10 the year after that.
Officials said CRC owned Concord in the past but sold it.