From witzam.com:
Ferdinand-based Superior Insulation received preliminary approval from the county tax abatement review board this morning and became the first business to test the county’s new tax abatement program.
The company expanded by purchasing a building located at 3200 South State Road 162 from Mulzer Crushed Stone and plans on about $350,000 in renovations to the building. They applied for a tax abatement based on the $350,000 in property improvements.
Mulzer Crushed Stone will move to another property it owns.
This is the first tax abatement process by the county and questions were raised about the points awarded based on the hiring of new employees. Superior’s original application included plans to hire two full-time employees and one part-time employee with an average wage of $14.50 per hour. If Superior Insulation increases this amount to three full-time employees, they would receive an additional ten points by the award schedule in the ordinance.
Brad Brosmer, owner, was concerned about the time-frame to hire these employees before he made any changes to the application. The ordinance is not clear on the time-frame applicants have to hire the new employees. County Attorney Art Nordhoff Jr. stated he would have to research the ordinance further to determine the amount of time Superior Insulation has to hire the three new employees.
The board approved the resolution to abate the improvements to the property and forwarded it to the County Council for approval.
Superior will not pay property taxes on the improvements for four years and then increase incrementally to paying the full property tax amount over the final three years. If he hires one more person full-time, the additional appoints awarded would allow Superior Insulation five years with no property taxes and then three years increasing incrementally.
County Commissioner Larry Vollmer, County Councilman Greg Kendall, and County Auditor Kathy Hopf are the members of the county tax abatement review board.
http://www.witzamfm.com/news/local/superior-insulation-tests-new-county-tax-abatement/
