County Council Approves Abatement for Intri-Cut
December 18, 2018
The Huntington County Council approved, during their meeting of December 17, the recommendation of the Council's Tax Abatement Advisory Committee, to offer a tax abatement for Intri-Cut Tool Company of Roanoke, Indiana
. The Company is investing $405,555.00 for new equipment which increases capacity and precision on behalf of their customers. The investment creates 3 new positions each paying approximately $40,000 per year while retaining 10 existing jobs.
Mark Wickersham, executive director of the Huntington County Economic Development Corporation, serves as a non-voting recording secretary for the County Council's Tax Abatement Advisory Committee. He presented the recommendation for approval. Company president, Mr. J.B. Hoy attended the Council meeting. Wickersham, on behalf of the County, publicly thanked Mr. Hoy for his investment in Huntington County.
The Council unanimously approved the abatement which will save the company approximately $10,000 over a ten year period, while still be required to pay property taxes of over $5,000 on this investment in business personal property.