Trumbull Considers Tax Break for CR Electric Expansion
GIRARD, Ohio — Trumbull County Commissioners have taken under advisement a community reinvestment area tax abatement for an expansion at CR Electric Inc.
Nicholas Coggins, assistant director of the Trumbull County Planning Commission, presented the abatement at a brief public hearing Wednesday. The proposed abatement of 50% of property taxes for 10 years is being considered for JAM Realty Investments LLC, which purchased the property at 1200 Trumbull Ave. for $23,000 in December 2015, according to the Trumbull County Auditor’s website.
The expansion project would construct a new 12,000-square-foot building for CR Electric. The company looks to invest up to $925,000 on the project, $700,000 of which will be spent on construction costs, Coggins said.
Within three years after completion, CR Electric would hire eight new employees with an average salary of $75,000, he added. The company would also retain 25 current employees with an average salary of $60,000.
“That includes office workers and various staff,” Coggins said. “Not all field electricians.”
Both school districts have been notified of the project and the Liberty Township trustees have already passed the agreement, he said. The next step is putting it on the commissioners’ agenda for approval.
The property is located in the Belmont Community Reinvestment Area, which was established Jan. 9, 2013, and amended June 6, 2016, he said. There are five active CRA agreements in the designated zone.
Copyright 2021 The Business Journal, Youngstown, Ohio.