January 23, 2018
Tribune Star
Subject to the approval of tax breaks, Tredegar Corp. plans a major expansion of its northside Terre Haute plastics film plant that the company says would result in nearly three dozen new jobs.
The project would add nearly 56,000 square feet of production, warehouse and office space to the company’s facilities at 3400 Fort Harrison Road, according to a petition filed with the city seeking 10-year property tax abatements.
“We are very happy that Tredegar is looking at expanding its presence here in Terre Haute,” Mayor Duke Bennett said Monday. “A $25 million investment along with 34 new jobs is great news for our community, and we are excited about the project.”
The new jobs would pay about $55,000 per year, the company said, and the addition of two new product lines would also retain 121 positions paying more than $55,800.
The new and existing jobs would combine for a total annual payroll of more than $8.6 million, according to the company’s petition.
If the abatements on more than $8.8 million in real estate improvements and nearly $16.9 million in manufacturing equipment are approved, taxes will be phased in over 10 years. The company would save $1.8 million during the period and have a net property tax liability of more than $1.5 million.
“Tredegar has been one of our longstanding employers, and it’s great that they want to invest in the plant,” said city councilman Karrum Nasser, D-3rd, who is sponsoring a resolution in support of the tax abatements. “Anything that the city can do to help them, I’m all for it.”
Nasser first made the Tredegar project public last week following Sony DADC’s announcement that it plans to eliminate 375 jobs at its plant on North Fruitridge Avenue.
Bennett has said the Tredegar project is one of three potential expansions planned by existing Terre Haute industries this year. He has not identified the other two.
The city council will consider the tax abatement request at its Feb. 8 meeting. Under newly adopted rules of procedure, it could grant preliminary approval at that time. Further action would be required in March to finalize the tax breaks.
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