Youngstown council approves first-quarter budget of $30M

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Youngstown finance director David Bozanich

YOUNGSTOWN — The V&M Star project isn’t a finished deal, but it “could have a huge impact on the positive side for [Youngstown’s] 2009 budget,” said city Finance Director David Bozanich.

Bozanich brought up the V&M Star project during city council’s finance meeting tonight.

V&M Star operates a mill in Youngstown that produces pipe for oil and gas exploration. The company said in November that it was considering a local site for a possible expansion.

This month the state approved tax credits for the project, and Youngstown and Girard officials agreed on a plan to share income taxes created by an expansion.

The V&M project, that could potentially provide hundreds of jobs to the area, is not in the bank, but city officials are “still cautiously optimistic,” Mayor Jay Williams said.

It would be Youngstown’s largest project in 2009 and probably one of the bigger projects statewide, the mayor said.

A decision on the project is anticipated in late January.

The V&M Star project was one of the positive points council and city officials discussed during the finance meeting and a special meeting to discuss the closing of the 2008 budget and the adoption of the first quarter 2009 budget of about $30 million.

For the complete story, see Wednesday’s Vindicator and Vindy.com