From the Lafayette Journal and Courier:
Two manufacturers that make very different products are seeking Lafayette council approval Monday of tax breaks on equipment to be installed in their plants.
Tate & Lyle is requesting a seven-year phase-in of property taxes on up to $69 million in new production equipment at its corn processing plant at 2245 Sagamore Parkway N.
Worwag Coatings LLC is requesting a seven-year phase-in of property taxes on $2.1 million in new equipment in its paint production plant at 555 Sagamore Parkway S.
The redevelopment commission endorsed Worwag’s request in November, and Tate & Lyle’s request Dec. 19. At that time, Tate & Lyle spokesman Chris Olsen told the commission the financial incentive was part of the local plant’s strategy to win corporate approval to install the equipment.
“The abatement would help reduce our costs for the project,” Olsen said. “So an abatement really provides strength for our business case going forward.”
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Worwag’s equipment upgrade has already been approved by its German parent company, according to controller Connie Hollis.
Hollis said high-tech equipment for manufacturing, quality control and research and development will allow the plant to double production of vehicle coatings, and comply with environmental requirements to switch from solvent-borne to water-borne paints.
Worwag will add 14 employees with the expansion, retain its current workforce of 38 and increase its payroll from $2.7 million to nearly $3.3 million, according to its statement of benefits.
The council will meet at 7 p.m. Monday in city hall at 20 N. Sixth St.
http://www.jconline.com/apps/pbcs.dll/article?AID=2014301020038&nclick_check=1
