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Steel News May 15, 2024 08:40:31 AM

A Steel Galvanizing Company is One Step Closer to Receiving a Tax Abatement in Vigo County

Paul Ploumis
ScrapMonster Author
Company leaders asked the council for a traditional, pro-rated tax abatement.

A Steel Galvanizing Company is One Step Closer to Receiving a Tax Abatement in Vigo County

SEATTLE (Scrap Monster):  ZINKPOWER is one step closer to receiving a tax abatement. Tuesday, the Vigo County Council approved an application for the steel galvanizing manufacturer to become an economic revitalization area. 

Leaders for ZINKPOWER say they need a tax abatement to afford to build a 120,000-square-foot foot facility next to Great Dane. 

The council voted 5 to 1 to approve the area. Councilman David Thompson was not present. 

Tuesday's vote means that the area does qualify to be in a tax abatement area.

Company leaders asked the council for a traditional, pro-rated tax abatement. 

Initially, they requested a 10-year, 100% tax abatement.

ZINKPOWER's request, however, changed after discussions with council members.

The council's president tells News 10 that the request is similar to a recent abatement. 

"This is one more in line with what we gave Great Dane, just less than two years ago - that's the property right next to it. I think that's more appropriate for $50 million and for the impact of the county," said Vigo County Council President Todd Thacker.

The county council will vote on whether to approve a tax abatement in June.

Courtesy: www.wthitv.com

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