LORAIN — Tax and water bill breaks of about $5.9 million for Republic Steel’s expansion were approved tonight by the City Council.
The agreement is tied to Republic building an electric arc furnace and creating about 450 jobs. The deal calls for a 75 percent rebate on Republic’s payroll withholding tax for new jobs created in the first five years of the agreement. The rebate will be 40 percent in the ensuing 10 years and works out to about $3.4 million. The agreement also calls for a 12 percent discount on Republic’s water use for 15 years, worth about $2.5 million.
“This is an opportunity for us to be what we were – a proud city by the lake,” said Councilman Eddie Edwards, D-5th Ward, after the vote.
See Tuesday’s Chronicle-Telegram for additional details.