The Knox City Council last night tabled a motion to allow a ten-year tax phase-in for Reagent Chemical and Research.
Plant Manager Tim Gunter asked the council to approve the phase-in to allow him to expand the business to the tune of approximately $2.5 million in manufacturing equipment, building expansion, and new construction. In addition, Gunter said Reagent would be adding at least 11 jobs with nearly $300,000 in new wages.
The phase-in would allow Reagent to add $1.6 million in manufacturing equipment, construction of a new $250,000 building, and a $700,000 building extension. A Starke County company, Lowry Construction, will handle the construction and expansion of the buildings.
The tax phase-in would be spread over five years for new manufacturing equipment and ten years for the new construction. However, the council approved a motion to table the matter to allow Gunter’s legal counsel, Todd Wallsmith, and city attorney David Matsey to come to an agreement on language for the tax phase-in resolution.
The matter will be further discussed at a special meeting of the council on Monday, Oct. 29 at 7 p.m.
