Perpetual Recycling Solutions expects to hire 75 people by the end of the first quarter of 2013.
The city of Richmond, Ind., has granted the plastics recycler Perpetual Recycling Solutions an 85 percent tax abatement for 10 years for a new facility it opened there.The company says it is planning on a total investment of $4.65 million on the real estate and more than $30 million in total on the facility, including equipment.
As part of its incentive/abatement program the company says that it will hire between 70-75 people by the end of the first quarter of 2013. The company is expected to run three shifts a day.
According to a local report, the initial ordinance, submitted two years ago, asked for a 10-year standard, phased-in abatement that would have started with zero property tax on real estate for the first year and would have added 10 percent tax each year through 10.