Council talks business: JADCORE tax abatement and Pyrolyx bonds

The Terre Haute City Council gathered for a Sunshine meeting Thursday night. No decisions were made but the council did discuss several issues including a petition from JADCORE, LLC. and a special ordinance regarding Pyrolyx USA.

Posted: Dec 7, 2017 9:55 PM
Updated: Dec 7, 2017 10:44 PM

TERRE HAUTE, Ind. (WTHI) - The Terre Haute City Council gathered for a Sunshine meeting Thursday night. No decisions were made but the council did discuss several issues including a petition from JADCORE, LLC. and a special ordinance regarding Pyrolyx USA.

JADCORE is a plastic fabrication company located at 300 North Fruitridge Avenue.

According to the petition, the company is investing in manufacturing equipment. To offset the costs of the project, it is seeking a ten year personal property tax abatement. The tax abatement would allow JADCORE to hire four additional full-time employees over the next three years while retaining the existing two hundred and fifty-five positions.

If approved the company would only pay a portion of what it normally would, increasing in amount each year.

In total JADCORE would pay ninety-nine thousand dollars less.

The council also discussed a special ordinance regarding Pyrolyx. The company collects shredded tires for recycling.

According to Terre Haute City Council President Karrum Nasser, if approved, the company would be able to sell bonds interest free through the city.

The bonds totaling 1.7 million dollars would pay for railway improvements necessary for shipping and receiving.

According to Nasser the city would be the "go-between" and there would be no financial liability for the city.

The council meets again next Thursday to take action on these items.

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