July 23, 2014 at 2:10 p.m.
Big buy ahead for FCC
Portland City Council
A local manufacturer plans to purchase $6.4 million in equipment for a new product line.
Officials with FCC (Indiana) Inc., 555 Industrial Park Drive, are requesting a five-year tax abatement to purchase equipment for a new line of Hondas. The Portland City Council reviewed the request Monday night.
FCC manufactures clutches for Hondas. Eric Garringer, senior manager of human resources, said the new equipment will allow FCC to produce material for Honda's Accord and Odyssey models with six-cylinder engines.
The equipment the plant needs to purchase will cost $6,427,000. The purchase will not create any new jobs, but will retain 484 employees, Bill Bradley, executive director of Jay County Development Corporation, told council members Monday.
Council members voted to send the request to the Portland Tax Abatement Advisory Committee for review.
Tax abatements allow the phasing-in of property taxes on new investments over an extended period of time.
In other business, council members voted to allow the use of $200,000 in Portland Economic Development Income Tax Funds to bid on 58.87 acres previously owned by the Portland Economic Development Corporation. As part of the same motion, the council agreed to use $39,500 in rainy day funds to round out the total offer of $239,500 ($4,068 per acre).
The PEDC hopes to purchase the land formerly used for X-PLEX Extreme Competition Park in an auction on April 22. Glynn Barber and Julie Barber purchased the land from the PEDC in 2005. The park has since closed.
The PEDC wants to purchase the land so it can be used for future developments.
Bradley said Monday that if the PEDC sells the land or the spec building in the future, the money from the sale would be put back into the EDIT fund.
The land is being sold as part of a settlement in a lawsuit filed against the Barbers by contractors hired to work on the park.
This bid amount was determined during negotiations in settling the lawsuit. The PEDC was listed as a respondent in the suit because the Barbers owed the PEDC lease payments for the spec building and some land.
Also Monday, council members:
•Voted to transfer $2,500 to the council promotional fund to pay for costs associated with the city having a booth at this weekend's Business Expo event.
The money is being transferred from the council building fund. The event will be held from 10 a.m. to 5 p.m. Saturday, and Sunday from noon to 4 p.m. in the auxiliary gym at Jay County High School.
•Learned that Portland will host a mayor's roundtable event April 19 at Arts Place.
Portland Mayor Bruce Hosier invited council members to attend the event. He said networking will be from 11 a.m. to 11:45 a.m., and lunch will be served at 11:45 a.m.[[In-content Ad]]
Officials with FCC (Indiana) Inc., 555 Industrial Park Drive, are requesting a five-year tax abatement to purchase equipment for a new line of Hondas. The Portland City Council reviewed the request Monday night.
FCC manufactures clutches for Hondas. Eric Garringer, senior manager of human resources, said the new equipment will allow FCC to produce material for Honda's Accord and Odyssey models with six-cylinder engines.
The equipment the plant needs to purchase will cost $6,427,000. The purchase will not create any new jobs, but will retain 484 employees, Bill Bradley, executive director of Jay County Development Corporation, told council members Monday.
Council members voted to send the request to the Portland Tax Abatement Advisory Committee for review.
Tax abatements allow the phasing-in of property taxes on new investments over an extended period of time.
In other business, council members voted to allow the use of $200,000 in Portland Economic Development Income Tax Funds to bid on 58.87 acres previously owned by the Portland Economic Development Corporation. As part of the same motion, the council agreed to use $39,500 in rainy day funds to round out the total offer of $239,500 ($4,068 per acre).
The PEDC hopes to purchase the land formerly used for X-PLEX Extreme Competition Park in an auction on April 22. Glynn Barber and Julie Barber purchased the land from the PEDC in 2005. The park has since closed.
The PEDC wants to purchase the land so it can be used for future developments.
Bradley said Monday that if the PEDC sells the land or the spec building in the future, the money from the sale would be put back into the EDIT fund.
The land is being sold as part of a settlement in a lawsuit filed against the Barbers by contractors hired to work on the park.
This bid amount was determined during negotiations in settling the lawsuit. The PEDC was listed as a respondent in the suit because the Barbers owed the PEDC lease payments for the spec building and some land.
Also Monday, council members:
•Voted to transfer $2,500 to the council promotional fund to pay for costs associated with the city having a booth at this weekend's Business Expo event.
The money is being transferred from the council building fund. The event will be held from 10 a.m. to 5 p.m. Saturday, and Sunday from noon to 4 p.m. in the auxiliary gym at Jay County High School.
•Learned that Portland will host a mayor's roundtable event April 19 at Arts Place.
Portland Mayor Bruce Hosier invited council members to attend the event. He said networking will be from 11 a.m. to 11:45 a.m., and lunch will be served at 11:45 a.m.[[In-content Ad]]
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