From the Richmond Palladium-Item:
Richmond Common Council on Monday passed a 10-year tax abatement for Primex Plastics Corp.
The abatement is on $5.263 million worth of new equipment the company said will create six new jobs and help retain 311 positions.
“We’re expanding our business,” said Rob Houseman, director of finance at Primex.
Houseman said the abatement applies to a new plastic extrusion line and upgrades to existing lines. Primex creates plastic sheeting used by customers to make “thousands of different things” from packaging to hot tubs, he said.
With the abatement, taxes on the full value of the equipment will be forgiven in the first year. The next year, the company will pay taxes on 10 percent of the value, and with each following year, taxes on an additional 10 percent of the value will be paid.
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http://www.pal-item.com/apps/pbcs.dll/article?AID=2013308060014
