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.
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