Hogsett Seeking Rexnord Reimbursement

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(photo courtesy of our partners at WTHR-TV) (photo courtesy of our partners at WTHR-TV)
INDIANAPOLIS -

Indianapolis Mayor Joe Hogsett has sent a letter to the chief executive officer of Wisconsin-based Rexnord Corp. (NYSE: RXN) informing him of plans to claw back tax incentives in the wake of the company's decision to move 300 Indianapolis jobs to Mexico. The mayor told Todd Adams he is seeking the return of more than $380,000.

Hogsett says the Department of Metropolitan Development has determined Rexnord is not in compliance with its 2009 Memorandum of Agreement related to a personal property tax abatement. "If the Metropolitan Development Commission terminates the MOA, the City will seek full repayment of the tax abatement savings received by Rexnord during the term of the MOA," Hogsett said in the letter to Adams.

Hogsett says Rexnord has the opportunity over the next 30 days to meet with him and other city officials to provide evidence to show why the MOA should not be terminated and why the company should not have to repay the incentives. The DMD will also hold a public hearing at date to be determined to consider terminating the MOA, during which Rexnord will be able to provide testimony.

Rexnord announced last week that it had officially decided to move the jobs to Mexico. On Friday, Hogsett and U.S. Senator Joe Donnelly (D-IN) released a joint statement saying Adams was "unwilling" to reconsider the move.

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