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Last updated on Friday, February 13, 2015
(BEDFORD) - The Bedford City Council approved a tax abatement for In-Fab.
The Times-Mail reports that the company is located at 2030 John Williams Boulevard and makes shipping containers and custom packs auto parts.
The company currently employs 20 people, but now with the tax abatement, 100 more employees will be hired to fill positions in the field of ironworkers, welders and technology.
According to the paperwork submitted by Gene McCracken, executive director of the Lawrence County Economic Growth Council, the company received a tax abatement for $389,000 in equipment and $30,000 in property improvements (by adding two rooms), making a total investment of $419,000.
McCracken says the abatement will be on a sliding scale. The company will receive a 100 percent tax break on its investment the first year, 90 percent the next, then 80, 70 and so on until the 10 years are up.
McCracken submitted a spreadsheet showing the company would save an estimated $5.568 the first year. For the 10-year span, the savings would total $25,916.
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