FRANKFORT, Ind. (WLFI) – The Frankfort City Council is giving a retroactive tax abatement worth $750,000 to one of the county’s largest employers.
The council voted Monday to give a $250,000 personal property tax abatement to Frito-Lay for the next three years.
Mayor Chris McBarnes said that figure is equivalent to 75 percent of their personal property tax from $80 million worth of investment in the last four years.
The abatement was agreed to in principal back in 2002, in preparation of the annexation of the Industrial Park in 2009.
McBarnes said the city has solid cash reserves that can absorb the $250,000 annual figure.