UPDATE: Council approves tax abatement for local manufacturer

City of Lafayette

The Lafayette City Council has approved a tax abatement for Rea Magnet Wire.

Posted: Nov 30, 2017 11:39 AM
Updated: Dec 5, 2017 10:49 AM

UPDATE: The Lafayette City Council has approved a tax abatement for Rea Magnet Wire.
Mayor Tony Roswarski says the company is investing more than $2 million and will add four jobs.

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LAFAYETTE, Ind. (WLFI) — A Lafayette company could be getting some help from the city for an expansion.

Mayor Tony Roswarski says Rea Magnet Wire is investing more than $2 million in new equipment.

That will bring on four additional jobs.

On Monday, the council will vote on a tax abatement for the new equipment.

Roswarski says tax abatements are a good tool for growth.

And that's a good thing for the companies and the people living here.

"Companies only get the abatement on the new investment that they're making," said Roswarski. "It doesn't abate any of their current property taxes. And what that allows them to do it to remain competitive in a global marketplace and hire people with good paying jobs."

The proposal has already passed the Redevelopment Commission.

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