The Richmond Common Council on Tuesday approved tax abatements for the Vandor and Stride Rite corporations.
But council members tabled another request from Stride Rite while they discuss a proposed ordinance that would allow them to approve abatements for personal property, including computer and other technology equipment.
Council approved two tax abatements for Vandor, both 10-year abatements for equipment. One is for a $5.5 million project at the company’s 4251 Industries Road plant that is expected to add 20 jobs in the company’s reels and auto parts division.
The other is for $280,000 worth of equipment at the company’s 1600 Rich Road facility for its casket liner division. That project is expected to create 10 new jobs.
The Stride Rite abatement was for 10 years on real estate for a $3.25 million investment. Stride Rite is planning to create 114 new jobs in the next three years.
But council held a second Stride Rite request — 10 years on equipment — until it can take action on an ordinance that would allow up to a two-year abatement on business personal property, which would include things such as computing, information technology and communication equipment.
The ordinance is being spearheaded by Councilman Ron Oler and requires any project applying for the abatement to create 10 new full-time jobs within one year of passage, pay at least one-and-a-half times the minimum wage, include health insurance for employees and total at least $150,000 in investment.
It would allow a 100 percent tax abatement the first year and 50 percent the second year.
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