By Valerie Werkmeister
Promises of economic growth and continued employment helped to secure tax abatements for three large global companies located in Posey County.
The Posey County Council heard the tax abatement requests from Bristol Myers Squibb, Cargill and Sabic during their monthly meeting on Tuesday, July 9.
Representatives from Sabic presented requests for two different projects. The first relocated a laboratory and added 39 employees while the second involves the expansion of manufacturing pharmaceutical lines that has added 25 employees. The company has also invested $60 million in new equipment for the project.
The council approved each of the abatement requests that exempt the companies from tax payments over the duration of each project.
Cargill representative, Brandon Nordemeyer, gave a report on their tax abatement previously approved in 2011. He stated the $5.7 million investment purchased new manufacturing equipment and retained 25 employees. The project is now complete and the abatement is in its second year.
Of the $5.7 million dollar investment, 50 percent of it is subject to abatement over three years. In addition, $3.1 million in real estate is subject to abatement over a seven year declining scale.
The council approved the abatement.
Sabic Senior General Manager, Joe Castrale, requested the company’s first tax abatement since the facility was built in 1950. The company intends to purchase $50 million in equipment to modernize its processes. Castrale said the current equipment is obsolete and they will be able to retain 22 employees.
Council president Bob Gentil explained that an Economic Revitalization Area (ERA) must be created since this is Sabic’s first abatement request. Council members approved the nine-year abatement pending the ERA. A notice of the ERA will be published in the paper and a public hearing will be held at the next council meeting on Tuesday, August 13, at 9 a.m.
Emergency Medical Services Director Chuck Thompson alerted council members of the need to update five defibrillators at a cost of $96,469. Four of the five current models are obsolete at the end of the year. Replacement parts are costly and Thompson would prefer to purchase five new ones to help with continuity of the equipment on all emergency vehicles.
He advised the newest model, which is not obsolete, can still be traded in towards the purchase of a new model. He intends to apply for grants to help fund the purchase. The council did not take any action.
Posey County Economic Development Director John Taylor informed the council that Midwest Fertilizer has not yet chosen a site for its plant. The company remains hopeful of property near the port, but is waiting on government testing of its fertilizer formula to be completed.
Taylor anticipates a meeting with the international investors of the project and a ground-breaking sometime in August.
By Valerie Werkmeister
- Debbie Koester Reed on Sixth River Days hits a home run
- dee on Hunter Education class announced
- jewels on A visit to the other New Harmony, Utah
- Alicer and Charles Christmas on J. Sue Wassmer
- Mark Lacey on Chief Deputy Buchanan retires from Posey Sheriff’s Department
- November 2013 (21)
- October 2013 (23)
- September 2013 (11)
- August 2013 (10)
- July 2013 (29)
- June 2013 (59)
- May 2013 (60)
- April 2013 (229)
- March 2013 (158)
- February 2013 (193)
- January 2013 (192)
- December 2012 (69)
- November 2012 (143)
- October 2012 (158)
- September 2012 (152)
- August 2012 (151)
- July 2012 (191)
- June 2012 (129)
- May 2012 (71)
Popular TopicsAlexandrian Public Library American Legion APL BBQ CDC Community Center Crafts Club Deaconess Hospital Evansville Gibson Southern Harmonie State Park Historic New Harmony Indiana INDOT Kiwanis Lady Vikings Lady Wildcats Main Street Maple Hill Cemetery Mater Dei Matthew Catholic Church Mount Vernon MSD MVHS New Harmony New York North Elementary North Posey Posey Posey County Posey County News Poseyville Purdue Extension Red Cross Reunion Southern Indiana Tell City United Methodist Church United Way University USI Viking Vikings Wadesville WMI