From the
Northwest Indiana Times:
Amsted Rail is petitioning Hammond for a property tax break on renovations the company has planned for its location on Hohman Avenue.
The planned $7.7 million investment over the next two years will upgrade the site the manufacturer has occupied for more than 110 years at 4831 Hohman Ave.
The company, formerly known as American Steel Foundries, is requesting a 10-year tax abatement on the investment to help it stay in the city, Hammond Director of Economic Development Beth Downes Jacobson told City Council members recently.
The abatement is projected to save the company $543,532 in property taxes over the 10-year period.
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The renovations are expected to create 21 new full-time jobs.
The City Council approved a resolution designating the area for economic revitalization, which clears the way for the company to seek the abatement.
Council members are expected to vote on whether to award the abatement at their June 25 meeting. City Councilman Al Salinas, D-2nd, said he supports the abatement because of the jobs the renovations are expected to generate. Salinas, whose district includes Amsted Rail, is sponsoring the ordinance.
If the abatement is approved, the company will still pay taxes on all its existing property and approximately $537,740 in additional taxes on the renovations over the 10-year period.
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http://www.nwitimes.com/news/local/lake/hammond/amsted-rail-seeking-tax-break-on-planned-million-investment/article_8ce6a54e-15f5-591e-9a61-2509bd2871c0.html
