YOUNGSTOWN, Ohio (WKBN) – A pair of Youngstown businesses will be getting help from the city to expand and create new jobs.
Thursday morning, the city’s board of control authorized tax abatements and grants for Fireline, Inc. and Gasser Chair Company.
The grants for both — which total about $400,000 — will come from the city’s water and wastewater funds, which officials often use to promote economic development.
While the grants themselves will not be repaid, if they succeed in helping the two companies, the city could see an even greater return down the road.
“The return that the city sees is with the job creation income tax that’s generated from that. Those companies are more profitable, they’re paying additional income taxes, if things go as they’re expected to,” said Sharon Woodbury, Youngstown Economic Development Director.
The project at Fireline is said to be worth nearly $6 million and the expansion at Gasser Chair is a little over $900,000.
Both are expected to create a combined 40 new jobs in the city over the next three years.