Venture Plastics deal

NEWTON FALLS

Venture Plastics Inc. plans to join the city through a pre-annexation incentive program, allowing a six-year phase-in of the city’s 1 percent income tax, according to a Friday news release.

“Venture has chosen to move in this direction due to a collaborative effort between the city and Venture as it relates to the high level of electrical service and the underlying customer support given to Venture Plastics by the city’s electrical department,” the release states.

The deal would also mean Venture Plastics would retain the city’s discounted industrial rate, designed to create jobs.

A news conference officially announcing the deal is set for Monday afternoon. Officials plan to answer questions about the agreement.