For years, the tax revenue generated from the General Motors plant made up 40 percent of the village of Lordstown’s budget. Now, it accounts for roughly 20 percent. Soon, it could account for none.
The numbers come from Lordstown Mayor Arno Hill, who said the village has been preparing in recent years.
“As we needed maintenance projects done, we did them, when the plants were working good,” Hill said.
Currently, they have no major capital improvements plans that are necessary, besides the 66 miles of road they pave, according to Hill.
“When we ran our water and sewer lines over the past years, we always as much money as we could to cover the debt and the debt is covered, the money is sitting there,” Hill said. “So most of our funding will be for the general running of the village.”
Lordstown is expecting to lose about a million in tax revenues when production ceases by March 1, Hill said.
In 2017, the village saw $1.5 million less in taxes after the plant’s third shift was eliminated.
But Hill said he is hopeful and that the village has been diversifying — focusing on the Lordstown Energy Center and the massive TJX HomeGoods distribution plant that’s set to open in the next two years. The 1.2 million-square-foot facility will be built directly across from General Motors’ plant.
“Right now, I’m not ready to worry,” Hill said. “Right now, my biggest hope is that we get another product for our plant.”
Mayor Hill said residents should not see any impact to services through 2019 and he’s not prepared to make any drastic decisions until they know for sure GM is shutting down the plant.