From the Lafayette Journal & Courier:
The Lafayette Redevelopment Commission granted Tate & Lyle’s request for tax abatements on three potential projects at the 2245 Sagamore Parkway N. plant. The facility processes corn into starches that are used to make food products.
The financial incentive will boost the local plant’s case to win approval from its corporate leaders, said Chris Olsen, Tate & Lyle vice president for community and government affairs.
“We have to compete against other projects inside Tate & Lyle for the best return on the capital investment as well as compete with some very strong global competitors,” Olsen said.
“In putting together our business case, we are looking to find what level of state and local support might be out there so we can factor that into the business case.
“The abatement would help reduce our costs for the project. ... So an abatement really provides strength for our business case going forward.”
The commission on Thursday designated the plant as an economic revitalization area for a seven-year period, making it eligible for tax abatements on the installation of up to $69 million in new equipment, according to documents filed with the city.
Fifteen jobs would be retained, and nine created. Tate & Lyle’s north and south plants combined employ about 450 workers, according to data from Greater Lafayette Commerce.
Two of the projects involve investments in production equipment, said Kevin Niebrugge, plant manager.
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See the full article here:
http://www.jconline.com/apps/pbcs.dll/article?AID=2013312190036
