From the New Castle Courier-Times:
A 5-year tax abatement has been granted to Grede New Castle Foundry to aid a proposal for expansion.
Management officials along with Corey Murphy, Economic Development Corporation executive director, attended Monday's City Council meeting asking members to support a tax abatement to be included as part of a request for corporate resources for expansion.
Council members unanimously agreed to support a 5-year tax abatement allowing the foundry to make the best business case possible. Grede will save a total of $248,019 over the life of the abatement as presented in the application.
"We often get a lot of requests for granting tax abatements from companies out of town," Council member Rex Peckinpaugh said. "Grede has already done a lot for New Castle, so this sounds like a great opportunity."
The expansion would require approximately $7 to $8 million in capital investment. Other potential locations include Minnesota and Mexico, Murphy said.
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http://www.thecouriertimes.com/main.asp?Search=1&ArticleID=284177&SectionID=23&SubSectionID=45&S=1
