State boards OK incentives for Alliance company

Special to The Vindicator

COLUMBUS — Separate state boards approved more than $1 million in financial incentives for an Alliance company.

Morgan Engineering Systems Inc. plans to use the funds to assist in relocating the operations of a New York company to its Alliance location.

The Ohio Development Financing Advisory Council signed off on a $1 million low-interest loan for the project, and the Ohio Tax Credit Authority approved a 40-percent, five-year tax credit for the company, valued at about $49,000 over the term. Both boards met Monday in Columbus.

The company, in turn, has committed to creating 35 jobs, retaining nearly 80 others and maintaining operations at the site for a decade.

Morgan, which has had a presence in Alliance for more than 130 years, designs and builds custom crane and materials-handling equipment used in steel, mining and other metals-handling industries.

State incentives will go toward the purchase of equipment and machinery and building renovations. The company also has secured a $650,000 low-interest loan from the city and Stark County.