Huntington County Council agreed to provide an estimated $10,700 in personal property tax breaks over a ten-year period in exchange for Intri-Cut Tool Company to invest more than $400,000 and create three jobs.
Huntington County Economic Development CEO Mark Wickersham said the investment is expected to increase the county’s tax revenues by more than $5,000 each year.
The three jobs are estimated to pay between $40,000 and $60,000 to operate the machinery. The company currently employs 10 full time employees with similar salaries.
Council unanimously approved the abatement and a waiver of non-compliance, since Wickersham said there was a slight problem with the timing of the investment and the filing of the statement of benefits form used in the tax abatement process.
“We approved it at the meeting, considering everything was just the timing,” County Council member and Tax Abatement Review Committee member Keith Eller said.
The estimates were provided based upon a 3 percent tax rate, since the actual rates could vary and are not established yet across the 10-year term, which will be phased out by 10 percent each year.