LAFAYETTE, Ind. (WLFI) – The Lafayette City Council found 35 tax abatements to be in compliance Monday evening from various companies inside city limits.
As part of an annual review, three companies — Kirby Risk, McKinney Corporation and Rea Magnet Wire — were found to have abatements which did not meet their targeted employment goals.
A spokesperson from each company explained that unexpected changes in the economic climate were the reason behind not being in compliance.
The council approved each abatement unanimously.
“I think the council understood that it’s been a tough economic time the last several years, really since 2008 for some of them,” said Lafayette City Council President Steve Meyer. “Some of them are just still trying to turn the corner and get back up on their feet.”
The city council also approved on second reading the three-foot bicycle passing ordinance.