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Coronado Steel Co. gets tax abatement

Coronado Steel Co. gets tax abatement


The city’s board of control approved a 75-percent, 10-year real-property tax abatement for the Coronado Steel Co. for a $670,000 expansion project on Funston Drive.

Coronado, which produces alloy metal castings and is a machine-and-fabrication shop, would save $71,170 and pay $23,723 in property taxes over the 10-year period of the abatement. The board approved the abatement Thursday.

Coronado needed additional storage because of space it no longer has on State Street. The company sold that property to the city in December 2010 for $450,000. The State Street property is being used as part of VM Star’s $650 million expansion project.

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