Joe Malone, controller for the Consolidated Recycling plant in Troy, asked the county council to designate 2 lots in the Tell City Industrial Park revitalization areas and consider a tax abatement for an upgrade to equipment.
The firm wants to add anit-freeze processing equipment to increase capacity and add five employees.
This was the first time since 2006 anyone had requested the designation of an economic revitalization area in the county, and this step was the initial consideration of the request. Following this approval, the request must be published in the News prior to going back to the council where the adoption of a confirmatory resolution will be sought.
Chris Kinnett, president and chief executive officer for the Perry County Development Corp., provided council members information “because it has been a while since the council has done an abatement. It gives you an idea when you’re considering the abatement about the revenue you’ll be receiving.”
He noted that the county won’t give up all of its tax revenue for the 10-year period of the abatement, but will begin receiving taxes in its second year. The information package he provided reports the average payroll per employee as $45,714. The total economic impact is expected to be more than $140 million and includes jobs, payroll, output and tax revenues for the years 2011 through 2020.
“PCDC supports what Consolidated Recycling has been and will continue to do,” Kinnett said, noting that the company contributes to diversity in local manufacturing.
Malone said Friday the new equipment will be worth $892,000 and “we hope to have it up and running in September,”
The company will announce hiring information later, but Malone said it will look for good mechanical and math skills.
The council is expected to take up the revitalization and abatement issues at their next regular meeting.
