The Pulaski County Council has approved a tax abatement that is expected to help a Francesville company create jobs.
During Monday evening’s Council meeting, the Pulaski County CDC brought a proposal to abate property taxes on equipment purchased and installed by FRATCO. The company requested the abatement due to the investment made to increase their efficiency.
The Pulaski County CDC Project Coordinator Krysten Hinkle says the company is installing tooling, dyes, and adaptors for the extrusion of pipe.
“They’re requesting a 10-year tax abatement on the assessed value of that equipment which is $406,775,” says Hinkle.
Installing saws used in the production of large custom fittings is also included in the manufacturing upgrade.
The company says it plans to use the savings to invest in creating jobs and providing training for eight new hires. The jobs are expected to pay an average annual wage of $40-thousand.
The Pulaski County Council approved the tax abatement request, unanimously.