Columbus City Council has approved a tax break for a Seymour company, planning to move its business to Bartholomew County.
The company, Thormax Enterprises LLC, manufactures galvanized steel tube and has looked at several counties to expand its business. It has decided to rent 83,000 square feet of space in the long-empty CCG building on 15th Street in Columbus.
The City Council approved the request from Thormax for a tax abatement on the company’s $668,000 purchase of new equipment. Under an abatement, taxes are phased in over 10 years.
City officials estimate that the abatement will save the company about $38,000 dollars in property taxes over the life of the tax break. However, while the property is currently paying about $7,200 a year in property taxes now, they would be paying almost 10 times that amount annually at the end of the 10 years.