Saturday, September 7, 2013

Journal-Gazette Reports AITF Receives Tax Phase-In for Investment in Huntertown

From the Fort Wayne Journal-Gazette:

A Huntertown manufacturer is planning a $460,000 expansion that will create eight new jobs.

On Tuesday, Huntertown Town Council members approved the first step of a tax phase-in for AITF Services.

The tax break – a way that local government can entice new businesses or retain existing jobs – gradually phases in property taxes on new investment.

The company, at 14220 Plank St., plans to invest $160,000 in new equipment, $60,000 in information technology equipment and $300,000 to expand and renovate the plant.

The phase-in will save the company about $36,800 over the next seven years.

Company officials have agreed to pay back 5 percent, or $1,870, to the county, which will be used for future economic development projects.