County Council approves Spear tax abatement
Having already cleared the first hurdle in June, Spear Corp. is ready to begin another expansion at its Roachdale headquarters.
The Putnam County Council recently approved a tax abatement request for another expansion at the facility at State Road 236 and County Road 50 West. This came on the heels of approval of the property as an economic revitalization area during the June council meeting.
The abatement, which amounts to a phase-in of property taxes on the new construction and equipment, allows for up to a $500,000 investment and gives Spear a year to complete the project.
The new building will be a second warehouse facility, with the company just two years into its last expansion and abatement on the first warehouse.
Council members seemed happy to grant the request to a homegrown business like Spear, which manufactures and distributes commercial pool equipment. One councilman did ask for assurance that Spear will be sticking around the area.
"We're not going to be leaving anytime soon," founder Jim Spear said.
Following unanimous approval, Spear spoke up again to voice his gratitude.
"We'd like to thank you guys," Spear said. "It's an honor to be a part of Putnam County."
While the new Spear abatement was a big reason Putnam County Economic Development Director Kristen Clary was present, she was actually representing the interests of eight different local industries that have been granted abatement in recent years -- Buzzi Unicem, Cash Concrete, Legan Livestock and Grain, Midwest Calcium Carbonates, North American Limestone Co., Poet, Scorpion and Spear.
Those eight industries represent 395 jobs retained or created and $20.6 million in payroll.
The real estate investments represent $19.2 million and $104.3 million in equipment.
All told, the investments have generated $361,000 for Putnam County taxing units, a number that will only go up as the abatements ramp up to full taxation.
The council unanimously gave its approval to the yearly report on the abatements.