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.
- Tax abatement in the works for expansion at Lafayette company
- Warehouse building company gets tax abatement
- Lafayette Redevelopment Commission approves tax abatement for Caterpillar's renovation plan
- Lafayette approves tax abatement for revolutionary low income apartment complex
- Local employer granted tax abatement waiver
- H38 East Apartments gets tax abatement finalized
- UPDATE: Council approves tax abatement for local manufacturer
- Council approves tax abatement for $24 million investment
- City council approves 10-year tax abatement for Caterpillar
- Kirby Risk gets final approval of tax abatement