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Tax abatement in the works for expansion at Lafayette company

A Lafayette company could be getting some help from the city for an expansion.

Posted: Nov 29, 2017 11:56 PM

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

Mayor Tony Roswarski said Rea Magnet Wire Company is investing more than $2 million in new equipment. The expansion will bring on four additional jobs.

The city council will vote on a tax abatement for the new equipment.

Roswarski said tax abatements are good tool to encourage growth. That's a good thing for the companies and the people living in here.

"Companies only get the abatement on the new investment that they're making. It doesn't abate any of their current property taxes. What that allows them to do is to remain competitive in a global market place and hire people with good-paying jobs,"

The council will meet on Monday for its December meeting.

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