Grafcor Receives Abatement Approval For Expansion
The Richmond Common Council approved Monday two abatement requests from Grafcor Inc. The large-format printing company is expanding its operations and is expected to bring 33 jobs to its Richmond printing plant.
The Pal-Item reports the council unanimously approved a five-year, nearly $46,000 abatement for information technology equipment and a ten-year abatement of over $670,000 on manufacturing equipment. Innomark Communications, the parent company of Grafcor, is closing a screen printing plant in Kentucky and moving those jobs to the Richmond plant.
The Economic Development Corporation of Wayne County says the company will invest about $1.5 million in building improvements, relocation and installation of equipment, purchasing new IT equipment and employee training. Grafcor also received an EDIT grant of $105,000 from the EDC of Wayne County.
The Indiana Economic Development Corporation also offered Grafcor up to $135,000 in conditional tax credits and up to $25,000 in training grants based on the company’s job creation plans. Those incentives are performance based and Grafcor will not be eligible to claim them until Hoosiers are hired.
Grafcor expects to have the equipment installed in the Richmond plant this month. The bulk of the new hiring is expected to take place this month as well.