LAFAYETTE, Ind. (WLFI) – The Lafayette City Council approves a pair of tax abatements for the new GE Aviation plant with a unanimous vote.
The first tax abatement is for GE Aviation’s leasing company. The other is for $53 million worth of equipment. The taxes will be phased in over the next decade.
“During that 10 year period that their taxes are phased in, if they were to pick up and move out of town and take the equipment with them, they will have to reimburse the city those tax savings they accumulated over those 10 years,” said Steve Meyer, Lafayette City Council president.
As News 18 has reported, GE Aviation will manufacture the LEAP jet engine, bringing 200 jobs to Lafayette.
The council also unanimously approved rezoning for the Centennial Townhomes on Brown Street and a property on N. 36th Street.