MIDDLEBURY, Ind. — Following a public hearing in which no one objected to a request by Syndicate Systems Inc. for a tax phase-in, the Middlebury Town Council approved a confirmatory resolution giving the final OK to a $636,000 tax phase-in on personal property for two-years.
The phase-in will be earmarked for new equipment to gear up for an expansion expected to create 64 new jobs in Middlebury.
Syndicate representative Riad Ardahji told council members last Dec. 3 that the firm is planning on investing over $1 million to begin serving a new JCPenney account. The project should be completed by May, town attorney Craig Buche said last month.
Ardahji predicted a payroll of $1.8 million for the new employees. He also told the council that employees currently laid off due to “cyclical reasons” are expected to be hired back before the expansion, so those former employees would be re-hired in addition to the 64 new employees.
Buche said under the conditions of the tax phase-in agreement, Leggett & Platt, Syndicate’s parent company, must keep the new equipment in Middlebury for at least four years and cannot relocate jobs to one of its other facilities as a result of the expansion. If Leggett & Platt violates the terms of the phase-in, it would have to reimburse the town 20 percent of the tax savings that it accrues.
Council members re-elected Gary O’Dell as council president Monday and again tabbed Dan Shoup as vice-president for 2008.
The next council meeting will be at 6 p.m. Jan. 21 at the town hall.
Business
Tax phase-in for company approved
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