VIGO COUNTY, Ind. (WTWO/WAWV) — 84 new nigh paying jobs are on their way to Vigo County.
The Vigo County Council Tuesday unanimously approved a 10-year tax abatement for Steel Dynamics. That means for the duration of that abatement, the company will not be taxed on real property or real estate.
The company requested the tax abatement to help fund a $231 million expansion of its facility in the Vigo County Industrial Park.
Steel Dynamic’s Vice President of Tax, Matt Peters describes today as a win for Vigo County’s economy.
“When you look at how we do businesses, I think we do involve of the local community into the businesses. Hopefully as grow that piece of the business here in future, we’ll see more growth for internal businesses that support our facility,” Peters said.
Steel Dynamic’s expansion includes adding 390,000 feet to it’s existing facility. It would also create 84 full time jobs with starting salaries above $80,000 and hundreds of construction jobs.
Council President Aaron Loudermilk says those are just a few reasons on why this vote passed.
“We’re excited for the opportunity to have a company like Steel Dynamics expand here in our community. We’re hopeful for the future in terms of not only their growth, but other people in their supply chain or users they may have,” Loudermilk said.
As a part of this abatement, Steel Dynamics will not be taxed on real property or real estate for 10 years.
But, the company must prove it’s creating an agreed upon number of jobs, they must expand the facility and install machinery based on the agreement with county.
“They will come up for review on an annual basis. If we have concerns as the council we can review what they are submitting to us. If there are overriding concerns, in theory we could revoke that abatement from them,” Loudermilk added.
Peters said the company is confident in it’s ability to meet those demands.
“The jobs will do well for us. Overall, we are grateful for the council’s trust in us,” He added.
Steel Dynamics will now begin the process of obtaining permits to expand the facility. A groundbreaking is expected for later this year.