Approved agreement with Potter Industries LLC
Posted: Tuesday, August 9, 2016 10:47 am | Updated: 11:07 am, Tue Aug 9, 2016.
Nic Huber | 0 comments
Lamar County Commissioners approved a tax abatement Monday during their regular meeting.
Potters Industries LLC, will soon be looking to fill dozens of new job vacancies as commissioners unanimously voted to approve a 10-year tax abatement agreement with the glass bead manufacturer.
“I favor these kinds of agreements, because what will make the community more prosperous over time is constant investment and planning ahead,” County Judge Chuck Superville said. “Potters continues to grow, and we thank you for being here.”
In exchange for the tax reduction, Potters Industries promises to construct a 1,600-square-foot warehouse to install manufacturing and other personal property as well as retain at least 40 full-time employees for the duration of the agreement.
More employees may also be needed, Superville said, citing there “was a likelihood of more employment.”
The investments and improvements are being made to allow Potters Industries to expand its production capacity of glass by a minimum of 25 percent to meet anticipated demand.
The total investment in the new warehouse, manufacturing equipment and other personal property is $5.25 million, with $500,000 of that going toward building the warehouse and the cost of the new machinery, equipment and other personal property totaling $4.75 million.
The abatement period begins Jan. 1, 2017-Dec. 31, 2026.