Western Reserve Port offers help to V and M Star Steel expansion

The Western Reserve Port Authority is extending a hand to V&M Star Steel that, if accepted, would allow the steel tube maker to save money on its new USD 650 million pipe mill on the border of Girard and Youngs town.

In what port authority executive director Ms Rose Ann DeLeon called a good faith effort to move ahead without a formal agreement in place, port authority board members Wednesday showed their intention to want to be a part of the project through the use of it's ability to issue bonds.

Mr Daniel Keating port authority board attorney said that "The bonds would be used to finance construction. The savings is realized by the fact the port authority would actually be the owner of certain improvements being made there and we are exempt from paying sales tax, so that's the true savings."

Ms DeLeon said that the port authority's ability to issue tax exempt bonds that carry lower interest rates saves money on the project, plus companies are allowed to go back 60 days and recapture expenses already made in the proceeds of the tax exempt bonds.

The project announced last week will create 400 jobs during 18 months of construction that will start in the next 30 days.

In other news, port authority board chairman Mr Scott Lynn reported from an Allegiant Air conference he attended last weekend in Las Vegas, where he learned the Youngstown Warren Regional Airport ranks 12 among 60 for having low costs at airports where the airline provider is located. The review was done by Allegiant.

(Sourced from www.tribtoday.com)