Colonial Metals closing - What we know so far
The Colonial Metals plant on North Second Street was eerily quiet this week. Colonial Metals is closed, apparently for good, according to a discussion at last night's school board committee of the whole meeting. The closing idles about 100 workers, who were shut out about a week ago with little or no warning. The company is reportedly appealing its property tax assessment on the main plant and other nearby buildings it owns, including an office building, and several houses, among other properties. If the assessment is lowered, the Columbia School District could lose up to $150,000 in tax revenue. In addition, Columbia Borough could lose up to $40,000 in tax revenue, as well as revenue from the Earned Income Tax, due to the loss of workers in the borough. The appeal process was reportedly begun some time before the shutdown announcement. It is unclear at this point whether the company has initiated bankruptcy proceedings. There is currently no notification of the closing o...