A public hearing establishing an economic revitalization area and tax incentives for a company locating to that area drew no comments – either for or against – during a New Haven City Council meeting Tuesday.
Tax abatement is a way local government can entice new businesses or retain existing jobs and exempts all or a portion of a company’s increased assessed value on new investment from property taxes.
Custom Engineering & Fabrication will invest $50,000 in manufacturing equipment and $50,000 in the property at 5225 New Haven Ave. The company, which also has a facility at 2002 Coliseum Blvd. S., provides processes and solutions for steel, asphalt, recycling and similar industries.
The property tax abatement will save the company between $6,000 and $7,000 over a five year period, said Scott Harrold, senior economic development specialist for the Allen County Department of Planning Services.
A separate two-year agreement for the vacant building will save the company $19,222. That two-year incentive involved a vacant building deduction, which can only be granted if the building has been vacant more than one year.
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