Regional Chamber oversees county development program

YOUNGSTOWN — The Mahoning County commissioners designated the county as a recovery zone under the federal economic stimulus act.

They also named the Youngstown/Warren Regional Chamber as the county’s clearinghouse for applications for the recovery zone facility bonds program.

The stimulus act, formally known as the American Recovery and Reinvestment Act, revised the IRS code to create recovery zone facility bonds, which may only be issued for private business projects in a recovery zone.

The bonds, which provide tax-exempt financing, can be used to finance a wide range of economic development efforts benefitting commercial and industrial businesses.

Between now and the end of 2010, the program allows the county to authorize issuance of $10.4 million worth of bonds, which would be sold to investors. The program will use no county funds.

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