Board of Control Approves Valley Foods Incentives
YOUNGSTOWN, Ohio – The city’s Board of Control approved an enterprise zone agreement and development agreement to support Valley Foods Inc.’s $4.4 million expansion of its downtown plant and warehouse.
Valley Foods is adding 14,000 square feet of manufacturing and refrigeration/freezer space at its downtown plant, 335 E. Boardman St.
The city will provide incentives including a 10-year, 75% abatement for the building improvements, which will result in 31 retained jobs and 35 additional jobs, according to city documents.
City Council approved the incentives for the project last year. In November, JobsOhio approved a $13 million loan to support the project.
Also during Thursday’s meeting, the city approved a renewal lease agreement with CT Consultants in 20 Federal Place. The renewal extends the company’s lease at 20 Federal though Feb. 29, 2024.
At the city’s next board of control meeting in two weeks, members are expected to consider a second extension of its agreement with Desmone, the Pittsburgh architectural firm it selected as the potential developer of 20 Federal Place.
The extension is necessary because the city is awaiting word on whether the Ohio Department of Development will approve its request for a brownfield remediation grant for the property, Finance Director Kyle Miasek said.
The city’s request was not among the applications approved during the first round of funding that was announced in April.
“Until that announcement is made, we’re kind of sitting on the sidelines,” Miasek said. If the application isn’t approved during the second round, it potentially could be funded during a potential third round to disburse unallocated funds
Copyright 2022 The Business Journal, Youngstown, Ohio.