A full slate of tax abatement approvals has cleared the Metropolitan Development Commission in Indianapolis. The incentives involve investment from five companies expected to create more than 300 jobs and save 740 positions. During the Wednesday meeting, the commission also signed off on clawing back $381,000 from Wisconsin-based Rexnord Corp. (NYSE: RXN), which is slated to shift production work to Mexico.
The companies plant to invest a combined $6.7 million. The approved incentive packages include:
- True Fabrications Inc. of Seattle intends to invest $362,000 into a new facility and add 101 jobs that are expected to pay more than $15/hour. It will receive a six-year abatement totaling more than $15,000.
- As part of its new global distribution business headquarters in downtown Indianapolis, Columbus-based Cummins Inc. plans to pump $2.1 million into new IT equipment and add 160 jobs, while retaining 90 Marion County employees. The will save a total of $156,000 over 10 years with tax abatement from the city.
- Praxair Surfaces Technologies Inc. is planning to invest $1.8 million into a production line it says will help retain a contract and 495 jobs. It also intends to add 14 positions. A seven-year abatement will save Praxair $84,600.
- Indianapolis-based Horner Enterprises LLC wants to invest $1.6 million into new equipment and will receive a five-year tax abatement from the city. It plans to add 28 jobs and retain 128 as part of plans that also involve $1.5 million in facility improvements.
- The MDC has approved $32,000 in tax abatement for D.E. Baugh Co. Inc. over five years for an $830,000 planned investment that could created 6 positions and retain 24.