LAFAYETTE, Ind. (WLFI) - Greater Lafayette could soon see 125 new jobs through Caterpillar. It's thanks to a ten-year tax abatement approved at Monday night's city council meeting.

Caterpillar is expected to invest in building improvements, information technology software and equipment, worth $54 million.

The investment would add more additional full time jobs at a rate of about $27 an hour.

"So it's adding quite a bit of tax money to the city of Lafayette, which we're always looking for of course. And they will do, I'm sure, a marvelous job out there," said City Council Member Ron Campbell.

However, this is not Caterpillar's first tax abatement from the city. As News 18 reported in December, Caterpillar’s logistics center fell short of goals for a previous tax abatement, but a company representative said that was due to "unforeseen circumstances."

The redevelopment commission granted a waiver and the abatement continued.