LAFAYETTE, Ind. (WLFI) — Caterpillar will be going ahead with its $77.3 million investment at its Lafayette facility. The Lafayette Redevelopment Commission approved Caterpillar’s tax abatement requests at its Thursday meeting.
According to paperwork on the Lafayette Redevelopment Commission website, Caterpillar will be investing in building improvements, information technology software, and equipment.
Currently, the Lafayette facility employs about 1,300 people. The renovation would add 125 additional full-time jobs at a rate of about $27 an hour.
Greater Lafayette Commerce's Jody Hamilton said this is a sign of more investments to come.
"All the companies are always looking at what they need to do to become competitive in the global market," said Hamilton. "With that sometimes comes new investment and upgrading what they're doing and what they have currently and trying to find a way to be more efficient."
The timeline for the renovation is 8 to 12 months.
- Lafayette Redevelopment Commission approves tax abatement for Caterpillar's renovation plan
- City council approves 10-year tax abatement for Caterpillar
- If approved, Caterpillar $70 million renovation plan would add jobs
- UPDATE: Council approves tax abatement for local manufacturer
- Council approves tax abatement for $24 million investment
- Tax abatement in the works for expansion at Lafayette company
- Local employer granted tax abatement waiver
- Local redevelopment commissions discuss the impact of TIF districts
- West Lafayette City Council proposes lengthy redevelopment project
- Update on plans to renovate the former YMCA in Lafayette