The Huntington City Council unanimously passed a resolution granting a new 10-year tax abatement for $3.25 million of personal property to be installed at Clark’s Recycling.
The abatement will be used for additional investments in equipment and job growth, Huntington County Economic Development Executive Director Mark Wickersham said. The abatement will
The new abatement was refiled to clarify accuracy on estimated investment timings, City Council President Charles Chapman said. Clark’s Recycling had invested close to $800,000 more than originally anticipated, and Chapman said he appreciated the company’s desire for accuracy. The prior abatement that never went into effect will be replaced by the new terms.
Wickersham said Clark’s Recycling will have to file compliance documents on an annual basis to show where they are in the process.
Clark’s Recycling’s SB-1 Form from the Department of Local Government Finance (DLGF) estimated the company would create five to seven jobs at a competitive wage. The company has retained 10 employees of 13, which Wickersham said is due to three employees retiring, and hopes to bring the number back up with its additional investment.
“It’s good growth, it’s a really good opportunity for the company and community...it would have seemed bizarre to not assist a company who spent more money than they thought they were going to spend,” Wickersham said. “It was a logical thing to help them with.”
Chapman said he voted in favor of the abatement due to his believe in supporting local business when possible.
“Abatements are one thing we can do in an effort to bring people into our community,” Chapman said.
Clark’s Recycling worked in collaboration with the city’s Economic Commission to review the waiver and new SB-1 form.