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.
- Council talks business: JADCORE tax abatement and Pyrolyx bonds
- City council votes to pull tax abatements for Sony DADC
- 200 jobs could come to Seelyville, board talks tax abatements
- Pyrolyx prepares for second Terre Haute facility
- Sony DADC layoffs prompt questions regarding company's tax abatements
- Tax abatements could lead the way to 200 new $18 an hour jobs in Vigo County
- Board of Public Works approves tax abatement for housing project at former YMCA building
- City Council still frustrated with $70 million bond proposal
- Sony DADC won't seek abatement reductions in 2018
- Washington gets A+ rating for Business 50 bonds