Ravenna approves financial plan for LG Chem improvements
The public had a chance to weigh in on a financing plan for LG Chem, but nobody had anything to say.
City Council hosted a public hearing Monday to consider Tax Increment Financing for improvements related to LG Chem's development in Ravenna. However, there were no public comments at the meeting.
Economic Development Director Dennis West previously told council the TIF would divert property tax dollars from the project, except for those earmarked for schools, to the city in order to offset the cost of the road built to serve the factories and water and sewer lines extended to the property.
LG Chem, which is building in the Chestnut Commerce Center behind the former GE plant, previously obtained a 15-year tax abatement to fund two buildings on the site: a 148,400-square-foot "ABS compounding" building, and a 60,350-square-foot "ABS Technical Center."
The business plans to invest more than $107 million and hire at least 72 employees, with a total payroll of $4.7 million. The company now plans to open in February.
The TIF would begin in Year 16, after the tax abatement ends, and continue for another 15 years. It's not clear how much funding the TIF would bring in because the property hasn't been appraised yet. West previously asked council to approve the TIF before December, before the buildings will be appraised.
Council members had few comments before approving it unanimously.
"I think it's a great opportunity," Councilwoman Cheryl Wood said.
In other business, council approved a purchase of a truck for the street department. Councilman Matt Harper said the department has a truck that was down, and didn't have enough funds to purchase a truck.
"We're getting into snow season, and they're trying to finish the leaves and brush, so this is an absolute need for them," he said. The trucks are 14 years old and were on the replacement list for next year, he said.
Reporter Diane Smith can be reached at 330-298-1139 or dsmith@recordpub.com.
This article originally appeared on Record-Courier: Ravenna approves financial plan for LG Chem improvements
