Board of control funds two Youngstown economic development projects
YOUNGSTOWN
The city’s board of control today approved $400,000 in grants from its water and wastewater funds for two economic development projects.
The board agreed to give $350,000 – divided equally between the two funds – to Fireline Inc. for a $5.76 million expansion at its Andrews Avenue location. The company manufactures industrial ceramics primarily for the aerospace industry.
The board also approved a 75-percent, 10-year real property tax abatement for the company today.
Meanwhile, the board voted today to give $50,000 in water and wastewater funds – also divided equally between the two – to Gasser Chair Co. on Logan Way for its $923,700 expansion project. The board gave a tax abatement to Gasser earlier this month. Gasser makes chairs for casinos, restaurants and hotels.
The use of water and wastewater funds for economic development projects has been in the spotlight recently because of a lawsuit by four water customers questioning whether the practice is legal and because of an investigation by the state auditor and attorney general into NYO Property Group subsidiaries using $2.27 million in city water and wastewater funds for three projects.
For the complete story, read Friday’s Vindicator.