County Approves Sweetwater Incentives
FORT WAYNE - The multi-million-dollar expansion of Fort Wayne-based Sweetwater Sound is receiving assistance from the Allen County Council. The Journal Gazette reports the council unanimously approved more than $2 million in property tax incentives for the project, which is expected to create more than 1,000 jobs.
When the expansion was first announced last month, Sweetwater said it was investing $76 million to build and equip a new warehousing facility and conference center. The company says that investment has now grown to $83 million.
At the Allen County Council meeting Thursday, Sweetwater founder Chuck Surack told the council the company is "a couple years away from being a billion-dollar company." He said Sweetwater continues to grow an annual rate of 20 to 25 percent.
The Fort Wayne City Council is expected to consider a 10-year, $12.5 million real and personal property tax abatement request at its meeting on November 27. The Indiana Economic Development Corp. has already offered Sweetwater up to $9 million in conditional tax credits and training grants for the project, through the company will not be eligible to claim those incentives until Hoosier workers are hired.
You can read more about the Allen County Council's approval from the Journal Gazette by clicking here.