Shambaugh & Son, L.P. announced today its plans for a two component expansion project. The project will include an 8,000 square foot expansion of an existing building located at 7614 Opportunity Drive bringing the headquarters to 140,000 square foot. The second portion of the plan will include leasing a new 70,000 square-foot facility located at 2219 Contractors Drive. The two projects are expected to add a total of 110 new employees to the current workforce.
"With roots dating back 87 years in the Hoosier State, Shambaugh knows firsthand the benefits of operating in Indiana," said Governor Mike Pence. "Our low tax rates, centralized location and skilled workforce make Indiana ideal for companies looking to exercise a competitive advantage and help us offer long-lasting value as a state that works for business."
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Representatives from Shambaugh & Son worked with the Indiana Economic Development Corporation (IEDC) and the City of Fort Wayne to secure incentives for the investment. The IEDC offered Shambaugh & Son up to $1,000,000 in conditional tax credits and up to $100,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. WorkOne Northeast provided approximately $33,000 in workforce development training grants to the company for new hires in 2013-2014. The City of Fort Wayne awarded the company an Economic Revitalization Area Designation. The Fort Wayne City Council will consider phasing in taxes associated with the project. Shambaugh & Son could save approximately $283,000 on real and personal property taxes over a 10-year period.
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