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From the Fort Wayne Journal-Gazette:
Fort Wayne City Council members approved $6 million in property tax breaks Tuesday night that are expected to create $44.5 million in new investments and create more than 500 jobs.
Sweetwater Sound plans a $20.3 million expansion of its headquarters on U.S. 30 that will add 110,000 square feet of warehouse, office space, classrooms and other public space. The expansion will create 358 full-time jobs and 45 part-time jobs.
Sweetwater officials said the expansion is an attempt to keep up with growth and that the company’s biggest concern is where to put its growing number of employees until construction is complete.
The tax breaks awarded Tuesday will phase in the property taxes on the expansion over 10 years, saving the company about $2.9 million over the decade.
Brotherhood Mutual Insurance Co. plans a $12.6 million expansion that will add 84 full-time jobs to the company’s headquarters at 6400 Brotherhood Way, near Coldwater and Interstate 69.
The company insures churches and religious groups; phasing in taxes on the expansion will save the firm about $1.9 million.
International Paper Co. plans to buy $6.4 million in new manufacturing equipment for an expansion, creating 104 full-time jobs. Its tax break will save it about $362,000 over the life of the abatement.
Fairfield Community Home plans to demolish the former Duemling Clinic at 530 Home Ave. and build multifamily housing for children aging out of foster care. The $5.2 million project will create three full-time jobs; the tax break will save the owners about $807,000.
The council also began the process of creating tax breaks for Press-Seal Gasket Corp. and Accelerated Tanks and Trailers. Accelerated Tanks and Trailers plans a $4.2 million investment that will create 277 full-time jobs.Both of those proposals will be debated later.
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http://www.journalgazette.net/article/20130213/LOCAL/302139974/0/SEARCH
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