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October 10, 2012

Tax abatement for expansion, if approved, would create more jobs

Tube Fabrication Industries, Inc., president seeks tax abatement for expansion.

LOGANSPORT — The Logansport Planning and Economic Development Committee recommended further discussion of a tax abatement for Tube Fabrication Industries, Inc., at its meeting Tuesday evening.

Tube Fabrication President Julie Ellis is seeking a $45,000 tax abatement for expansion, which would create about nine additional jobs. Tube Fabrication, located in the Logansport Industrial Park, was formed in April 2006 out of the bankruptcy of Nelson Tube Division.

Tube Fabrication, owned by New York businessman Peter Ferentinos, manufactures tubes that go into bushings, motor mounts and shock absorber components among other uses. Ellis is looking to expand 13,750 square feet for increased raw material storage and other uses. The construction is estimated to cost about $500,000.

“This tax abatement would help offset the cost of expansion,” Ellis said. “It would also allow more people to be hired.” Currently, there are 45 full-time workers at Tube Fabrication.

She also said it chose a local contractor, Steinberger Construction, for the project, if approved. The recommendation for the proposed tax abatement is six years.

Jeremy Ashcraft, chairman of the planning and economic committee, said he would make a real effort to get the discussion of the tax abatement at Monday’s council meeting. Ellis said, if it’s approved, the company would like to begin Oct. 29.

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