City Council members began the process of considering property tax breaks for four companies proposing $6.6 million in investments, creating 57 new jobs.
Old Dominion Freight Line wants to build a $5.8 million, 70-door, state-of-the-art freight service center at 8231 Smith Road, just off Airport Expressway. The project will create 38 full-time jobs with an average salary of $58,375.
Dowco Inc. wants to expand into a vacant building at 3505 Independence Drive, creating 18 full-time jobs with annual salaries of $31,970. The company, which specializes in covers, canopies and accessories for cars and boats, will spend $520,000 on renovations and equipment.
Old Fort Supply Co., 2000 Wayne Trace, plans to spend $51,400 on new computer equipment and software for an expansion. That will let the company keep 10 full-time jobs, officials said.
Phoenix America, 4717 Clubview Drive, plans to create one new job and keep 27 more by investing $265,000 in injection molding equipment as part of an initiative to lower the company’s carbon footprint while increasing production.
The council will hold public hearings on all four proposals Nov. 27. If approved, the tax breaks would phase-in property taxes paid by the companies for the new property and equipment.
Council members also approved a tax break for Precise Manufacturing, 4323 Merchant Road, which is investing $750,000 in new lathe and milling equipment. The investment will retain 39 jobs; the tax break will save the company about $43,465 over 10 years, officials said.
