A $40 million new investment will represent one of the largest new business growth stories in Greene County in 2022. Quasar Management received the Greene County Council’s approval of a nine-year property tax abatement in August, moving the project a step closer to reality.
Quasar is a newly-form business that will produce small arms ammunition for the private market. The firm intends to construct its facility in Washington Township in southern Greene County and will bring 16 new jobs to the county. Although Quasar Management will be producing ammunition, it is not a contractor for the nearby NSA Crane military base.
Estimated economic impact of the company shows that in addition to the 16 direct jobs created, an additional ten jobs will be created in the nearby community as suppliers and retail businesses expand to meet growth opportunities.
Communities like Lyons, Newberry, Bloomfield, and Switz City are likely to see more customers in their restaurants and shops, for example. “Greene County depends a lot of Crane for our residents’ income, followed by the schools and farmers, so anything we can do to entice new business to Greene County is a step in the right direction,” Greene County Council member Kelly Zimmerly commented following approval of the abatement at the Council meeting.
Over an estimated ten-year time span, Quasar will benefit from a phasing in of property taxes on real property and equipment, realizing an estimated total savings of $2,162,000. The project will generate property tax revenue for the local governments of $2,167,000 over the same time period, and the County will receive a total of $156,500 in new local income tax revenues during the ten years as well.