Millcraft reconsiders Washington County base
Millcraft Industries is reconsidering its future in Washington because city council denied a request to extend tax-increment financing of an $18 million building it owns downtown, a company official said on Friday.
Millcraft COO Lucas Piatt said the extension would have lowered the company's costs on the seven-story Crossroads Center on Beau Street and helped attract new tenants.
“We're very disappointed, and we have to sit back and reflect and decide what the near- and long-term future of Millcraft is here in the city of Washington,” he said.
Washington Council members rejected the five-year extension to 2024 in a vote on Thursday.
Matthew Staniszewski said he supported the extension because money generated by the financing plan is paying debt on a public parking garage owned by the city.
Tax-increment financing permits government borrowing for such public infrastructure as roads and, in this case, a parking garage, and uses increased property-tax revenue created by accompanying development to pay off the debt.
Millcraft built Crossroads Center six years ago for $18 million. The building was expected to spur downtown development.
Piatt said the company sought the extension to offset the loss of a major tenant who abandoned the building after filing bankruptcy. Washington County and the Washington School District approved the TIF extension, according to Staniszewski.
Bob Bauder is a staff writer for Trib Total Media. He can be reached at 412-765-2312 or email@example.com.
Show commenting policy
TribLive commenting policy
- Steelers use 3 late first-half TDs to stun Texans
- Rossi: Steelers’ season all about going big
- Rookie Bryant sparks deep passing game for Steelers in victory
- Steelers notebook: Adams replaces concussed Gilbert
- Harrison woman dead in 3-car crash in Natrona Heights
- Pittsburgh police officers start wearing video cameras
- Bortuzzo could provide much-needed physical presence for Penguins
- 12-year-old’s donated heart joins families, lets her memory live
- Kin of 2013 DUI crash victim in Hempfield lose young family in fire
- For all but 2 minutes vs. Steelers, Texans played ‘pretty good game’
- Pa. Supreme Court Justice McCaffery suspended in email porn scandal