Expansion Moving Forward in Gibson CountyPosted: Updated:
A Clark County company that produces mulch and agricultural bedding is looking to invest approximately $3 million into a new operation near Buckskin. The Gibson County Council has approved tax abatement for a Koetter-Smith Inc. expansion, which could create a small number of jobs. August 19, 2014
GIBSON COUNTY, Ind. - The Gibson County Council opened the door and welcomed Matthew Smith, co-owner and COO of Koetter-Smith Company to Gibson County. The seven-member council voted unanimously to offer Koetter-Smith, a five-year, real and personal property tax abatement, as an incentive to operate a new facility near Buckskin in eastern Gibson County. The incentive will provide Koetter-Smith with a reduction of property taxes totaling $49,880 while paying $40,430 over that same five-year period. Following the incentive, Koetter-Smith, will pay roughly $1 3,080 each year in property taxes.
Although Koetter-Smith also was considering a location in Mississippi and one other Indiana county, Matt Smith made the commitment to build in Gibson County once the council provided the incentive to do so. In addition, Mr. Smith indicated their original investment of $2.2 million has been increased closer to $3 million. Koetter and Smith will hire five to eight people for their Gibson County operation.
Gibson County Economic Development Corporation President, B. Todd Mosby, stated "We welcome our first industrial partner to the 1-69 corridor. The agricultural related business will locate near 1-69 off of highway 57 re-purposing former Peabody Coal property while recycling wood and other organic waste products into renewable products into bedding for the equine and poultry industries. Koetter-Smith will also produce mulch and compost."
The Koetter-Smith expansion in Indiana came to Gibson County through the Indiana Economic Development Corporation and Duke Energy in September of 201 3.
Koetter-Smith is headquartered in Borden, Indiana.
The Gibson County Economic Development Corporation is a 501 c(3) not-for-profit corporation located at 127 N. Hart Street in Princeton. The Gibson County Economic Development Corporation was formed in 2006 with a mission to coordinate, assist, and advise Gibson County in economic development activities. Visit GCEDC on the web at www.gibsoncountyedc.org and on Facebook.
Source: Gibson County Economic Development Corp.