NSK asks Union County for tax abatement
Resource from: Palladium-Item
19 Feb,2013
NSK Corp., which employees 203 workers at its Kitchel Road plant, is seeking a tax abatement from the county for $3.4 million in new equipment.
The updated equipment needed for the factory's pre-processing work won't add jobs but will help the company retain the jobs it already has, plant manager Brian Grissom told county commissioners Monday.
The company plans to invest $3-$5 million each year in new equipment at its Liberty facility for each of the next several years, Grissom said.
"Most of the lines we had came from our Franklin plant," Grissom said. "We'll be replacing turning machines and drills. It will keep us competitive for this work, both with our outside competitors and competiting plants within NSK."
If the county grants the 10-year tax abatement, the value of the abatement could count as a local match for a Lawrenceburg Regional Economic Developmment Grant, said Melissa Browning, executive director of the Union County Development Corp. The Lawrenceburg grant program is being restructured and is now willing to award money for job retention, not just job creation, Browning said.
March 31 is the deadline to apply for the grant program this year, Browning said. The UCDC Board of Directors officially recommended the abatement last week, Browning said.
"We're glad the casino money is now recognizing the importance of job retention," Grissom said.
Lawrenceburg's gambling grant program has received more than $2 billion in gambling tax revenue since the first casino opened on the Ohio River 15 years ago, according to the Dearborn County Economic Development website. The city has awarded $61 million in grants since its gambling grant program began about a half-dozen years ago.
Union County received a Lawrenceburg grant to buy 64 acres to create the Whitewater Industrial Park on U.S. 27 and a second, smaller grant to pay for a site plan for the property. West College Corner received a grant to improve Third Street, but no grants have been sought in the past several years.
Nearly a third of NSK's employees are Union County residents, Grissom said. Local companies, such as Barnhizer Machine and Weld, a Liberty tool shop, and Bertch's Hardware, are important suppliers for the plant, he said. NSK's payroll and purchases have a local annual impact of about $11 million, he said.
County commissioners pledged their support for the abatement, which is a decision the Union County Council will make. A private tour of the company for commissioners and council members will be offered later this month, Grissom said.
NSK has had several tax abatements since it opened in 1996, with only one abatement remaining on some equipment, Union County Assessor Diana Baker said. The company will pay 100 percent of the taxes due this year on its most recent building addition, she said.
Many people think tax abatements mean NSK pays no property taxes, but that's not the case, Grissom said. With an abatement, taxes gradually increase over the 10-year period.
The updated equipment needed for the factory's pre-processing work won't add jobs but will help the company retain the jobs it already has, plant manager Brian Grissom told county commissioners Monday.
The company plans to invest $3-$5 million each year in new equipment at its Liberty facility for each of the next several years, Grissom said.
"Most of the lines we had came from our Franklin plant," Grissom said. "We'll be replacing turning machines and drills. It will keep us competitive for this work, both with our outside competitors and competiting plants within NSK."
If the county grants the 10-year tax abatement, the value of the abatement could count as a local match for a Lawrenceburg Regional Economic Developmment Grant, said Melissa Browning, executive director of the Union County Development Corp. The Lawrenceburg grant program is being restructured and is now willing to award money for job retention, not just job creation, Browning said.
March 31 is the deadline to apply for the grant program this year, Browning said. The UCDC Board of Directors officially recommended the abatement last week, Browning said.
"We're glad the casino money is now recognizing the importance of job retention," Grissom said.
Lawrenceburg's gambling grant program has received more than $2 billion in gambling tax revenue since the first casino opened on the Ohio River 15 years ago, according to the Dearborn County Economic Development website. The city has awarded $61 million in grants since its gambling grant program began about a half-dozen years ago.
Union County received a Lawrenceburg grant to buy 64 acres to create the Whitewater Industrial Park on U.S. 27 and a second, smaller grant to pay for a site plan for the property. West College Corner received a grant to improve Third Street, but no grants have been sought in the past several years.
Nearly a third of NSK's employees are Union County residents, Grissom said. Local companies, such as Barnhizer Machine and Weld, a Liberty tool shop, and Bertch's Hardware, are important suppliers for the plant, he said. NSK's payroll and purchases have a local annual impact of about $11 million, he said.
County commissioners pledged their support for the abatement, which is a decision the Union County Council will make. A private tour of the company for commissioners and council members will be offered later this month, Grissom said.
NSK has had several tax abatements since it opened in 1996, with only one abatement remaining on some equipment, Union County Assessor Diana Baker said. The company will pay 100 percent of the taxes due this year on its most recent building addition, she said.
Many people think tax abatements mean NSK pays no property taxes, but that's not the case, Grissom said. With an abatement, taxes gradually increase over the 10-year period.
(Palladium-Item)
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