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Council approves enterprise-zone tax abatement for Steel Corps Operations LLC
Summary
Newark City Council approved an enterprise-zone agreement granting a property tax abatement tied to a $4.18 million manufacturing investment by Steel Corps Operations LLC; the abatement will flow to the property owner entity named in the agreement.
Newark City Council on Monday approved an enterprise-zone agreement that grants tax-abatement incentives tied to a planned manufacturing project and a minimum $4,180,000 investment by Steel Corps Operations LLC. The council voted to authorize the mayor to execute the agreement as written.
The measure matters because the enterprise-zone program is intended to support local economic development by linking tax incentives to new investment and job…
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