From the Goshen News:
After a public hearing with no comment on the matter, Nappanee Common Council members approved a tax phase-in Monday for Quality Hardwoods.
Quality Hardwoods sought a tax abatement for $2.038 million in property improvements and $2.1 million for machinery and research and development.
The phase-in is for five years on the real estate improvements and six years for the equipment and research. Company officials plan to add a new building, install an automated rip line, a chop line and dust collectors. They plan to add 15 new jobs with an estimated annual salary of $40,000 each.
Mayor Larry Thompson said this is the second tax abatement for Quality Hardwoods — the first is about to expire. Thompson said company Vice President Devon Hochstetler is aware of the required annual year-end reporting and that the company has to achieve the numbers cited on the abatement request or the abatement can go away.
Councilman Sam Beachy wanted to clarify that Hochstetler planned to maintain the 78 current employees and add 15 more at the salary listed or the abatement could be lost.
Clerk-Treasurer Kim Ingle explained company officials come to her with an annual review, which she then takes to the council. Because the application states the figures are estimates, if they are a little over or under the council can decide if it’s close enough. However, if the figures vary a lot the abatement would likely be stopped.
Hochstetler said unless a recession was to hit, the company’s plans are as stated. He thanked city officials for the opportunity, “It does help grow our business in the city. The first abatement helped us grow and now we’re looking to expand, so thank you.”
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http://goshennews.com/local/x1442601920/Nappanee-City-Council-approves-tax-phase-in
