Youngstown OKs Fallsway tax break

STAFF REPORT

YOUNGSTOWN — City council approved a tax break 14 years in the making.

During a special meeting Monday, council voted to approve a 75-percent, 15-year tax break to Fallsway Equipment Corp. for an $800,000 improvement project at the city-owned Salt Springs Industrial Park.

The city offers a 75-percent, 10-year tax abatement to the company in 1995. But because of business reasons, the company didn’t do the project until 1998.

The city had never approved the abatement because of the delay.

After much discussions, the city offered a 75-percent, 15-year tax-increment financing; a tax break equal to the value of the abatement.

The proposal still needs approval from the state tax commissioner.

“That’s the only hurdle left,” said Harry Fairhurst, the company’s chief executive officer.

The company sells and services work trucks, cranes, wreckers and forklifts.