Southern Indiana Business Report
WASHINGTON – A Washington manufacturer with plans to expand has been approved for a 10-year tax abatement by the Washington City Council. Isoflex Packaging will build a 70,000 square foot warehouse near its current facility and add four production lines in the old warehouse.
The location for the new warehouse was outside the city’s designated economic revitalization area. To pave the way for the abatement process, the city council approved expanding the designated area to include the location of the new warehouse.
The investment in the new warehouse and production lines is about $24 million.
Isoflex currently employs 51 people. It anticipates hiring an additional 44 employees once the new production lines are up and running. The company manufactures plastic packaging used in the food and beverage industry. The Washington location is one of seven Isoflex facilities in the United States.
The Daviess County Economic Development Corporation provided assistance to Isoflex in applying for abatement.
“IsoFlex operates in many locations, and we are truly excited that they selected Washington-Daviess County as the location for this significant expansion project,” said Bob Grewe, executive director of the Daviess County Economic Development Corporation. “The project is a real testament to our workforce and business climate.”
As reported by the Washington Times Herald, the tax abatement will be in effect for 10 years. Taxes on improvements will be phased in, with 10% added each year through the next decade, when all of the improvements will be subject to city property taxes.