From the Richmond Palladium-Item:
The Richmond Common Council on Monday will consider passage of a 10-year tax abatement on equipment for a project by Color Box that is expected to create 15 jobs.
The Color Box project is for $26 million in equipment to create a new production line to print color labels for boxes, councilman Ron Oler said.
Oler, a member of council’s tax abatement committee, investigated the abatement request and will report to council Monday night.
“This project will increase their payroll by about $1 million per year. These are jobs and good-paying jobs. It’s an exciting project,” he said.
The new jobs are projected for the Color Box plant at 1056 Industries Road. Color Box’s parent company is Georgia-Pacific, a world-leading manufacturer and marketer of tissue, packaging, paper, pulp, building products and related chemicals.
The company has nearly 35,000 employees worldwide and independently managed and operated company by Koch Industries Inc., a private company headquartered in Wichita, Kan.
Color Box is asking for a 90 percent abatement for 10 years on property taxes generated by the new investment under a new abatement evaluation system adopted by council two years ago.
Council is expected to take action on the abatement request Monday. The meeting is open to the public.
http://www.pal-item.com/apps/pbcs.dll/article?AID=2013311020036
