Tax Abatements Approved for Transwheel Corporation

May 20, 2009                                                                                                                  Contact:  Mark Wickersham
Huntington, Indiana                                                                                                           260-356-5688
The Common Council of the City of Huntington approved tax abatement requests on behalf of HCUED's client, Huntington's Transwheel Corporation.  Transwheel is evaluating a possible expansion involving both the City of Huntington and the Town of Andrews.  The Huntington City Council voted 7-0 on May 12 to approve abatements of both real property and personal (equipment) property investments being considered by the company should the company move forward with the project.
The Andrews Town Board gave preliminary approval on May 11 to Transwheel's request for a potential project in the Town of Andrews.  The Andrews Town Board voted 3-0 in favor of supporting the creation of an Economic Recovery Area (ERA), therefore, allowing for tax abatement possibilities in the industrial facility being considered by Transwheel.  The Town Board will give further consideration to the ERA and abatements in the near future.
The total project, both in Huntington and Andrews could potentially mean the creation of 28 new jobs this year on an investment of $1.79 million this year with the potential for additional employment and investments in the future.  The company disclosed the retention of 157 jobs on their SB-1 Tax Abatement Applications associated with the project.
Transwheel is still evaluating their ability to do the expansion, however, Transwheel also disclosed a potential starting date as early as June 1, 2009 on their SB-1 Tax Abatement Applications should they be able to move ahead with the project proposal.   No official decision has been made at this time by the company, however, both Communities are encouraged to be under consideration and supported by HCUED.