From the Lafayette Journal & Courier:
The Lafayette City Council found all 15 companies receiving tax abatements are in compliance with the investment and hiring commitments they made in exchange for tax breaks.
The council’s affirmation includes three businesses that have not yet added all of the jobs they pledged to create. However, representatives from Rea Magnet Wire and McKinney Corp. said their payrolls exceeded the promised level despite a decrease in orders during the economic downturn.
“We exceeded our salary commitment by more than $2.5 million last year,” said Burke Bovender, Rea Magnet plant manager. “Two times since the abatement was granted we reached our hiring goal, but we were unable to sustain it.”
Rea Magnet has 221 full-time employers, just four short of its goal. Bovender also pointed out that Rea Magnet purchases supplies from local companies and invested $2.8 million in equipment in 2012.
McKinney Corp. primarily fabricated components for race cars. When the economy sank in 2008, 95 percent of its customer base was in motor sports.
“We have diversified,” company president Murph McKinney said. “Now, 70 percent of our business is motor sports and 30 percent is commercial.”
McKinney said he added six employees last year. The company payroll totaled $8,000 more than promised for the abatement.
Mark Castell, Castle Coch president, built a warehouse near the Nanshan America aluminum plant on U.S. 52 south.
“The timing of this project was not the way we envisioned it,” Castell told the council. “We were recently able to put one tenant in on a long-term basis.”
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http://www.jconline.com/apps/pbcs.dll/article?AID=2013306030040
