Post Standard reported that the new owner of the idled Crucible steel plant in Geddes is seeking state Empire Zone tax breaks for the factory, which is expected to resume operations soon. Onondaga County officials are supporting the request.
Crucible Industries LLC, an affiliate of Cleveland based JP Industries, agreed to buy the plant for USD 8 million in bankruptcy court. The company plans to hire about 160 former employees of the steel plant in November in preparation for resuming operations.
Ms Mary Beth Primo economic development director of Onondaga County said that Crucible Industries also promised to hire at least 60 additional employees over the next 3 years.
The company has applied for Empire Zone status to receive state tax credits that would offset property taxes and other expenses. As a regionally significant project, the 70 acre Crucible site could be added to the Empire Zone even though Onondaga County has already reached its limit of 1,280 Empire Zone acres.
The Planning & Economic Development Committee of the county Legislature approved the proposal. The full Legislature will consider the measure November 4th 2009, after which state officials will make the final determination.
Crucible Materials Corporation, the former owner, filed for Chapter 11 bankruptcy protection last May, when it had about 675 employees at the Geddes site. Last month, JP Industries submitted the winning bid in bankruptcy court to buy the plant.
(Sourced from www.syracuse.com)
