December 14, 2011 Contact: Mark Wickersham
Huntington, Indiana 260-356-5688
Huntington Sheet Metal, Inc., to Invest in New Equipment Creating and Retaining Jobs
Huntington, Indiana --
The Common Council for the City of Huntington approved a ten year tax abatement at their December 13, 2011 meeting in support of an $800,000.00 investment on the part of Huntington Sheet Metal, Inc. The Company's investment in new equipment will create 2 new jobs while retaining 75 existing jobs.
The Council voted unanimously to approve the abatement.
"It is very encouraging to help a locally-owned, family-owned manufacturer continue to grow," said Mark Wickersham, Executive Director of Huntington County Economic Development. "Our Community is very proud of the Drummond Family and their team", he added.
Tax abatement is an economic development incentive created by the Indiana General Assembly, which allows Communities the ability to "phase-in" the tax liability associated with job creation and retention activities. "Companies making an investment of this kind would anticipate saving an estimated $36,000.00 over the ten year period, while still paying an estimated $25,000.00 in property taxes on the same investment," Wickersham said. He added, "Tax abatement is a tool which allows a company to benefit from a reduced tax liability, while the Community still benefits from new revenue. The only way to lose is if a company chooses not to invest."
***************************************************************************************************************************************************