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City Approves Tax Abatement for DS Fab & Tool
Updated March 11, 2016 6:25 AM | Filed under: Business
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(BEDFORD) - The Bedford City Council approved a nine year tax abatement for DS Fab & Tool, a new business that will make limestone products.

DS Fab & Tool, owned by Bryce Bennett, will be built on Industrial Drive. The business will employee three people with $90,000 in annual salaries. More employees will be added as the business grows.

According to the tax abatement filling Bennett estimated value of the real estate property at $300,000 and the equipment valued at an estimated $160,000.

Bennett also owns Diamond Stone Tech, which is located on Industrial Drive. DS Fab & Tool will be built on a parcel adjacent to that business.

Businesses that receive tax abatement pay the city fees calculated at 15 percent of what they save in taxes. The council voted to allocate the fees to the Redevelopment Commission.

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