Two local companies plan to invest more than $9.3 million in expansions expected to create 12 full-time jobs.
According to paperwork filed with the Allen County Department of Planning Services, Central States Enterprises will make about $6.70 million in improvements to its grain storage and shipping facility at 356 Hartzell Road in New Haven. The company would also add $1.13 million in new equipment and has applied for a “phase-in” (formerly known as an abatement) that would reduce its taxes on the new investment by $860,000 over seven years.
Central States, which was founded in 1974 and posted about $120.6 million in sales last year, would erect two additional silos and expects to complete work by fall 2014. No new jobs would be created by the company, which currently has about 24 full-time employees.
Quick Cut Inc., a steel fabricator founded in 1997 with annual sales of $9.6 million, would create 12 full-time jobs through the addition of $1.4 million in new equipment at its 4630 Allen Martin Drive facility, with annual salaries averaging between $25,000 and $50,000. The company currently employs about 44 people.
If approved by County Council, the company's “phase-in” would reduce the taxes on the new equipment by $40,000 over five years.
