From the Muncie Star-Press:
Delaware County officials got a fairly rare glimpse into one of the county’s fastest-growing manufacturers Tuesday.
Representatives of Magna Powertrain came to Delaware County Council Tuesday morning to win tax abatements for a planned expansion. The Cowan Road company, which has already expanded across the street into a new building, wants to add another 50,000 square feet to its original structure as well as adding new equipment and 21 jobs.
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County council members were asked to approve tax abatements on both equipment and real estate for Magna’s planned expansion.
Terry Murphy, vice president of economic development for the Muncie-Delaware County Economic Development Alliance, said the company plans to add 50,000 square feet to its original, 150,000-square-foot building, the site of manufacturing operations since 2006. The $2.9 million project would enable the company to create 21 jobs with an additional annual payroll of $655,000, Murphy said. The newly expanded building would be part of its original facility, across Cowan Road from the 100,000-square-foot second building into which Magna more recently expanded.
“Magna has invested $100 million in six years,” Murphy said. “More than any other manufacturer. And they’re continuing to grow.”
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Magna has received property tax abatements dating back to its earliest days. Brand pointed out in Tuesday’s meeting that the company had fulfilled the promises made to get those abatements.
Also during Tuesday’s meeting, council heard a request from Steve Kern of local printer C.S. Kern for an abatement on $126,000 in new equipment to enable him to provide smaller printing jobs.
“It’s been a struggle in the printing industry,” said Kern, who employs 29 people with an annual payroll of $1.2 million. He said be believed his company would continue.
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http://www.thestarpress.com/apps/pbcs.dll/article?AID=2012307250005
