City OKs Improvements for Ohio Metals Recycler

The City Council of Akron, Ohio, has approved a development agreement worked out between TSB Metal Recycling LLC and the Akron Department of Planning and Urban Development.

The agreement is designed to enhance the scrap yard’s operations while also providing improvements to the surrounding neighborhood. The agreement also is expected to increase the amount of scrap metal processed at the Akron scrap yard.

TSB Metal Recycling LLC, a subsidiary of Canton, Ohio-based steelmaker Timken Co., formerly was known as City Scrap & Salvage before it was acquired by Timken.

According to the Akron Department of Planning and Urban Development, the city will design, construct and provide inspection services for a connector road for the scrap yard, which is expected to ease the amount of truck traffic driving through residential streets surrounding the facility. TSB will pay for the new road, which is expected to cost around $450,000.

The company also expects to invest around $7 million on a 14,000-square foot warehouse and a 4,000-square foot office building at the location. The company expects to complete construction of the new buildings by Aug. 31, 2013.

The company also will provide drainage easement designed to benefit the connector road near the property.

In return, the city of Akron has agreed to provide TSB with tax-increment financing during the next 30 years to cover the costs of the road and drainage work. According to the company, the agreement freezes the value of the land before any improvements are made. Taxes on the land are paid as if the land had never been developed, with the increased value going into the project.