Logansport City Council is considering the continuation of tax abatements for eight local companies, almost all of which have shown growth since the breaks started years ago.
The companies include Myers Spring, Matthew-Warren, Logansport Machine, ABC Metals, Small Parts, Carter Fuel Systems, Co-Tronics and Tube Fabrication. Logansport City Council reached a consensus in a committee meeting Thursday night to vote on the abatements at its June 16 meeting.
“We were overall pretty pleased for the first time to see that the number of employees and jobs seems to be on the rise as opposed to holding steady or on the decline,” said Logansport City Councilman Jeremy Ashcraft.
City Council will consider continuing two abatements from Logansport Machine Co., one of which is in year three of five and the other in year one of five for equipment investments of $473,000 and $1,057,000 respectively. The company’s compliance form approved by the Cass County Assessor’s Office for the former abatement shows it exceeded its proposed additional employees by 16, bringing it to to a total of 40.
The only new abatement up for consideration comes from Myers Spring for its $1.5-million investment in new equipment for its spring production.
The council will also consider the continuation of two other abatements from the company, one of which is in year four of five with part of it going into a sixth year and the other in year two of five for equipment investments of $1,154,000 and $1,004,000 respectively. Paperwork associated with the former shows the company exceeded its proposed additional employees by four, bringing it to a total of 37.
Other companies up for consideration have seen job growth since first applying for their abatements as well, including six at ABC Metals and one at Small Parts. Co-Tronics and Tube Fabrication LLC each show net wage gains of 12.8 percent and 6.4 percent, respectively, since first setting out for their current abatements in 2012.