"The Terre Haute City Council approved a pair of tax abatements Thursday night on millions of dollars in new investment at two local companies.
The nine-member council voted without opposition in favor of a 10-year personal property tax abatement for Unison Engine Components for new equipment for making large jet engines.
Despite the abatement, Unison will still pay more than $1 million in property taxes on the new equipment over the next decade, said Lou Britton, a Terre Haute attorney representing the company.
The council also passed without objection a five-year personal property tax abatement for Bemis for a new, high-speed, gearless printing press. Over the next five years, Bemis will pay about $265,000 in new property taxes on the equipment, Britton said.
Generally, tax abatements forgive about half of a company’s property taxes during the life of the abatement.
The new investment at Unison is valued at about $20 million.
The new equipment at Bemis is valued at $10.6 million, according to information provided by the companies.
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Unison, which employs about 356 people in Terre Haute, expects to add 41 new jobs along with the new equipment while Bemis, which currently employs about 778 people, expects to add 40 new jobs, according to information provided by the companies.
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Before the abatements become official, the City Council must pass confirming resolutions next month."
http://tribstar.com/local/x2029121159/City-Council-OKs-two-abatements
