Newsletter #330 (View other news stories)
Terex seeks tax abatements to expand
BARAGA, MI, United States
Thursday, 4 Oct 2007
 Terex Girolift 3514 telehandler |
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The Baraga Village Council has approved an industrial facility tax exemption policy that will allow Terex Handlers to seek tax abatements to fund its plant expansion.
According to the Houghton Mining Gazette, Terex plans to install a new production line for its 10,000lb (4,535.9kg) telehandlers, an addition that will concentrate the company’s telehandler production in Baraga.
Terex assistant controller Mary Anne Colucci told the paper the company is seeking a 50% tax abatement for 12 years, equivalent to USD1.79 million.
Colucci said an engineering manager had been hired and Terex Handlers would boost its engineering staff.
"In two years, we will probably be hiring about 75 people because of the expansion".
The village will consider Terex’s application for the tax break, which must be submitted to the state by 31 October.
Village manager Roy Kemppainen said tax abatements were popular incentives for Michigan communities to expand and for new businesses to come in.
Kemppainen said companies applying for the abatements have to meet certain criteria.
"There will be a minimum [of] USD50,000 investment and some kind of job creation," Kemppainen said.
Terex’s application is subject to approval by the village, township, county and state, as well as the local school district, all of which collect taxes from the company.
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