Six companies that have received tax abatements for the expansion of their businesses in the city of Tipton are in compliance with the agreements.
The Tipton Common Council approved a resolution Monday showing the companies have met or exceeded their intended investment and job retention or creation goals when the abatements were granted.
Linda Williams, the Tipton County Economic Development consultant, said the companies are in compliance and noted that three tax abatements will start for 2013 property taxes payable in 2014.
Bottcher America has invested $893,000 in Tipton since 2004 and has retained 41 jobs with a payroll of $1.3 million. Two tax abatements of 10-years started in 2004 and 2006.
Package Right received a 10-year abatement in 2006 for an investment of $700,000 and has increased the number of employees from 90 to 107 with an annual payroll of $2.4 million.
A tax abatement was approved for a $2.5 million investment by the company which will double the size of the work force from 35 to 70 over the next four years. That tax abatement will take effect in 2013 and runs for 10 years.
A second abatement of two years was granted in 2011 for an investment of $395,000 by Package Right for the converting of a warehouse to be used as a distribution center. The company now has 22 employees with a payroll of $506,563.
Steel Parts received two 10-year tax abatements in 2001 and 2007 for an investment of $4.6 million and the retention of 195 jobs with a payroll of $8 million.
Park 100 Foods will receive a 10-year abatement starting in 2013 for a $15 million expansion of its facility and an investment of $10 million in equipment. The company will retain 86 jobs and add 20 positions over the ten years.
High Performance Alloys is investing $750,000 in the building and $4.6 million for equipment in their Tipton facility and will be increasing the number of employees by six to 42 starting in 2013.
