The Terre Haute City Council has approved two tax abatements for a Colorado company setting up shop in the city. Bolder Industries Inc. is investing $40 million to establish a used tire recycling operation at the former Pyrolyx USA facility.
Our partners at WTHI-TV report the council approved both a personal and property tax abatement for the project, each of which will last for 10 years.
Bolder Industries detailed plans for the project in December. Original plans called for up to 40 new jobs by the time the plant is operational in 2023. However, WTHI reports that number could rise to up to 60.
“With everything we have going on in our community, I think people are starting to realize and see Terre Haute and that’s what I’m excited for,” Council President Cheryl Loudermilk said.
Bolder takes end-of-life tires and converts them into sustainable raw materials used by the rubber, plastic and petrochemical industries. As part of its recovery process, 98% of the tire’s materials are utilized and 75% of the solids and liquids make their way back into new tires, manufactured rubber goods, and plastics.
The company plans to begin work on retrofitting the facility for its use this summer.