The Coldwater (Mich.) City Council agreed to set a public hearing Nov. 26 for two tax abatements to upgrade and add equipment at IMCO Recycling and its sister company Alchem Aluminum.
IMCO has 83 employees and five tax abatements currently totaling close to $4 million. It would add $201,230. A major tax abatement for equipment for $2.1 million in equipment expires Dec. 30, 2003.
Alchem currently has six abatements totaling $2,883,700. Its first for $87,000 expires at the end of next month.
Under a Michigan act, companies may qualify for tax abatement of up to 12 years. For companies to qualify for the tax abatement program they are required to be in a designated zone within the city.
Both companies are seeking to add new capital equipment at both facilities, including balers, loaders, and scales.
Gerald Boguth, Coldwater’s assessor, said that after the public hearing, if the city council approves the request it is moved to the state’s Treasury Department for review and final approval.