From the Richmond Palladium-Item:
One of Union County's largest employers is seeking a tax abatement for new equipment, a move that also would help it qualify for a Lawrenceburg gambling grant.
NSK Corp., which employees 203 workers at its Kitchel Road plant, is seeking a tax abatement from the county for $3.4 million in new equipment.
The updated equipment needed for the factory's pre-processing work won't add jobs but will help the company retain the jobs it already has, plant manager Brian Grissom told county commissioners Monday.
The company plans to invest $3-$5 million each year in new equipment at its Liberty facility for each of the next several years, Grissom said.
"Most of the lines we had came from our Franklin plant," Grissom said. "We'll be replacing turning machines and drills. It will keep us competitive for this work, both with our outside competitors and competing plants within NSK."
If the county grants the 10-year tax abatement, the value of the abatement could count as a local match for a Lawrenceburg Regional Economic Developmment Grant, said Melissa Browning, executive director of the Union County Development Corp. The Lawrenceburg grant program is being restructured and is now willing to award money for job retention, not just job creation, Browning said.
March 31 is the deadline to apply for the grant program this year, Browning said. The UCDC Board of Directors officially recommended the abatement last week, Browning said.
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County commissioners pledged their support for the abatement, which is a decision the Union County Council will make. A private tour of the company for commissioners and council members will be offered later this month, Grissom said.
NSK has had several tax abatements since it opened in 1996, with only one abatement remaining on some equipment, Union County Assessor Diana Baker said. The company will pay 100 percent of the taxes due this year on its most recent building addition, she said.
Many people think tax abatements mean NSK pays no property taxes, but that's not the case, Grissom said. With an abatement, taxes gradually increase over the 10-year period.
http://www.pal-item.com/apps/pbcs.dll/article?AID=2013302180011
