Innovative 3D Manufacturing’s current location at 600 International Drive in Franklin. Image from Google Streetview
Franklin officials have approved tax abatements for a local company planning to invest $7 million in a new facility.
Franklin-based Innovative 3D Manufacturing is investing $5 million to build a new 30,000-square-foot facility located on 3.8 acres at Linville Way and Commerce Drive in the Franklin Business Park. The company also plans to invest $2 million in equipment to outfit the new building.
“We’re kind of out of room in our current location, so that’s why we’re looking at, obviously, a quite a bit larger building with the potential to add on down the road,” said Chris Beck, founder.
Innovative 3D started in 2017 and is currently located at 600 International Drive, Franklin. The company started with only two employees but now has 17. With this investment, the company will retain 17 employees while adding 10 new employees over five years. The positions will have an average wage of $25 per hour, which is above the average low/moderate county hourly wage at $14.85 per hour, according to the tax abatement application.
The company has expanded multiple times since its founding and if growth continues, another expansion would be expected in the next five years, according to the application.
The city council on Monday unanimously approved a seven-year real property tax abatement for the building and a five-year personal property for the equipment. The company also agreed to pay a 2% real property and 5% personal property economic development fee to the city. Economic development fees go toward future city projects.
Alongside the tax break, the city council also declared the property an Economic Revitalization Area, or ERA. The parcels were formerly an ERA in 2012 but the designation expired in 2022, according to city staff.
Originally, the company requested two 10-year abatements but the abatement lengths were reduced at the Oct. 8 Franklin Economic Development Commission meeting at Franklin Mayor Steve Barnett’s recommendation. The commission sent a favorable recommendation for the seven-year and five-year abatements and the ERA designation to the council.
“To give Chris and this company an abatement was a no-brainer for us,” said Shawn Taylor, a city council and EDC member. “He does tremendous things in the community and (is) just bringing people into our community on a daily basis.”
With a seven-year real property abatement, the company will save an estimated $577,752 while still paying approximately $435,848 in net property taxes over seven years. For the five-year personal property tax break, the company will save an estimated $74,601 while still paying $41,239 in net property taxes over the five years.
The company has received at least two tax breaks from the city previously, with one of those still being active. Most recently, the council unanimously approved a five-year personal property tax abatement for Innovative 3D to purchase a $1.06 million piece of 3D manufacturing equipment.
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