LAFAYETTE, Ind. (WLFI) – The city of Lafayette agreed Monday to phase in taxes for Subaru of Indiana Automotive’s nearly half-billion dollar investment in the community.
The Council approved tax abatements totaling $422 million, $354 million on new manufacturing equipment, $68 million on real estate improvements.
The votes mean that the SIA’s new taxes will be phased in over 10 years, at 10 percent a year. SIA says their investment will create 50 new jobs at the plant as well as retain about 900 current ones.
“The tax abatement tool is a good way to help them get started, to help them save a little bit of money so they can put out that cash to do those improvements, to buy that equipment, to hire those employees and then have those phased in over time. I think that’s important,” said Lafayette Mayor Tony Roswarski.
The Council also gave first approval Monday to a rezoning of land near I-65 for a new Harley Davidson dealership.
As News 18 has already reported, the site is just south of South Street, adjacent to the Best Western.
City officials have been told the new building will be 36,000 square feet, employ about two dozen full-time workers and will be a $3 million investment overall.