Components company moving to Franklin to receive tax incentive

Daily Journal of Johnson County

A company coming to Franklin will receive a 10-year tax incentive.

City council members approved 7-0 Monday giving abatements on $5.35 million of real property and $8.63 million of personal property to Premium Composite Technology North America.

The tax incentive will offset the company's initial investment of $14.2 million for land, a building and manufacturing equipment, attorney Mike Schopmeyer said.

Premium Composite Technology eventually will employ 37 workers and is expected to start operations in the spring of 2010.

Workers will engineer components that other companies will turn into plastic parts, mostly for use in the automotive industry, Schopmeyer said.

Construction is expected to start in June on the 64,115-square-foot facility in the Franklin Business Park, on the northeast corner of Musicland Drive and Graham Road.

The Franklin Economic Development Commission has recommended that the city designate the property for the new facility as an economic revitalization area.

Council members will discuss the designation at their first meeting in May.