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.

Article Comments

West Lafayette
Broken Clouds
82° wxIcon
Hi: 84° Lo: 70°
Feels Like: 87°
Kokomo
Broken Clouds
81° wxIcon
Hi: 82° Lo: 71°
Feels Like: 85°
Rensselaer
Overcast
77° wxIcon
Hi: 81° Lo: 70°
Feels Like: 78°
Fowler
Overcast
77° wxIcon
Hi: 82° Lo: 70°
Feels Like: 78°
Williamsport
Overcast
76° wxIcon
Hi: 82° Lo: 71°
Feels Like: 76°
Crawfordsville
Overcast
78° wxIcon
Hi: 83° Lo: 71°
Feels Like: 81°
Frankfort
Overcast
84° wxIcon
Hi: 83° Lo: 70°
Feels Like: 90°
Delphi
Overcast
81° wxIcon
Hi: 83° Lo: 70°
Feels Like: 84°
Monticello
Overcast
81° wxIcon
Hi: 84° Lo: 70°
Feels Like: 84°
Logansport
Overcast
81° wxIcon
Hi: 82° Lo: 70°
Feels Like: 84°
Barry remnants skim by, then intense heat wave sets in.
WLFI Radar
WLFI Temps
WLFI Planner

Community Events