(BEDFORD) - The Bedford City Council agreed to continue seven tax abatements for local companies.
A company can receive tax abatements for various purposes if the company files a compliance with statement benefit and shows city officials they have continued growth.
The Times-Mail reports, tax abatements were granted to Bedford Recycling, at 904 Summit Lane, showed substantial growth. The company had hired 34 new employees this year. The annual payroll is $1,757,221, up from an original estimate of $450,000.
Geo-Flo Products Corp., at 905 Williams Park Drive reported hiring 5 new employees. The annual payroll stands at $1,002,001, up from an estimated $775,620.
Bedford Development LLC, 905 Williams Park Drive (a company related to Geo-Flo) reported hiring two new employees. The annual payroll was $856,718, up from an estimated $775,620.
Cosner Ice Co. Inc., 2404 U St. Employment has grown from an estimated 36 employees to a current total of 49. The annual payroll stood at $967,148, up from the estimate of $883,117.
Bedford Machine and Tool Inc., 2013 John Williams Blvd. The company submitted paperwork for three cases. According to the documents, the firm now employs 60 people with an annual payroll of $2,697,808. The employment and payroll numbers are about the same as those outlined in the original requests.
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