Posted on 04/06/2017 10:08:11 PM PDT by 2ndDivisionVet
Good economic news just keeps on coming for New Haven in the form of a $12 million, 77-job expansion by Continental Diamond Tool Corp.
According to an application for tax incentives to be considered next week by New Haven City Council, the maker of cutting and grinding products will build and equip a new 112,000-square-foot manufacturing facility at 10801 Rose Ave. The company's current facility, the application states, needs repair and "is roughly 25 years old . . . (we will) lease it to another manufacturer to whom the building is suitable (and) we will be building a new, state-of-the-art facility on the property, allowing us to keep up our strong growth rate as well as continue to grow our employment base in Allen County."
Founded in 1973, the company currently has about 70 employees. The expansion would create about 55 manufacturing jobs with average salaries of $40,000; eight sales jobs paying about $56,000; five management jobs paying $100,000 and nine clerical positions paying $31,000 for a total additional payroll of about $3.5 million. The project includes $6 million in real estate improvements, $5.25 million in manufacturing equipment, $400,000 in research and development equipment and $100,000 in information technology equipment.
Construction could start this month, with completion by the end of the year. If approved, the abatement would save the company $366,153 in equipment taxes and $865,000 in real estate taxes over 10 years.
The project is just the latest good financial news for Allen County's second-largest city. Last month Lippert Components sought tax incentives for its proposed $19 million, 140-job expansion on Ryan Road, and just this week Sauder Manufacturing Co. announced it will relocate operations to New Haven in the form of a $3 million,165,000-square-foot-facility at 10801 Rose Ave. expected to create up to 60 new jobs.
What’s that, about 90k in NYC i bet.
I thought New Haven was in CT :)
the 100k pay for management is like 200 plus in NYC!!
1973, 70 employees and adding 50.
That’s almost 100 percent increase in workforce.
Unusual for a company to have the same number of employees for so long. Usually you either boom or bust, no?
Interesting.
There’s more than one Des Moines, too. LOL
I NEEDED TO TRAVEL MORE WHEN I WAS YOUNGER!
And there’s more than one Des Moines?
The Army sent me to Missouri, Arizona, Korea, Germany, Texas, Indiana and Louisiana.
Des Moines, Iowa and Des Moines, Washington.
They didn’t do it to let you see the world :)
I’m sure you offered a LOT in return.
Seeing the world was a HUGE PERK though!!
I am envious in a good way. IS that possible? :)
Tool and die investment. Just what you would expect for ramping up industrial production.
New Haven is in Indiana and Jersey Shore is in Pennsylvania.
i thought you were ####ing with me!! I looked it up :)
And ####ing is in Austria.
“And ####ing is in Austria.”
I’ve seen pictures of that sign.
If I remember correctly the u had the umlaut.
Would that be pronounced Fuh or Foo?
Just curious.
Winning or corporate welfare? Looks like half way decent jobs but at the cost of shifting the tax burden. I hope the taxes generated from the increased payroll would offset the give away.
It’s a shame that even on a conservative site, lowering taxes is seen as welfare.
My beef with lowering taxes in this manner is that such economic development tax abatement plans are targeted, not every business or property owner gets treated the same.
Indiana is also in PA.
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