City Council members Tuesday approved two property tax breaks for companies promising to create almost 70 new jobs.
BRC Rubber & Plastics is moving its headquarters to Fort Wayne from Churubusco and will spend $365,000 on offices and a research and development center. BRC makes molded rubber and plastic products for the auto industry.
The move will create 55 full-time jobs paying an average of $55,000 a year. BRC, 1029 W. State Blvd., employs 710 people at various locations in northeast Indiana.
The tax break will save the company about $45,000 over 10 years.
Press-Seal Gasket Corp. will spend $3 million on manufacturing equipment, which will create 14 full-time jobs, officials said. Press-Seal Gasket, 2424 W. State Blvd., makes sealing products for underground collection systems and has been growing: The company received a tax break in February for a $200,000 investment to convert office space and has added 10 additional jobs since then. The tax break approved Tuesday will save the firm about $154,000 over seven years.
The tax breaks, formerly known as tax abatements and now called tax phase-ins, freeze the tax on a property where a big investment is made. The owner keeps paying the same amount of property taxes, plus the increased taxes that are phased in gradually.
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