Tax break approved for Columbus company expansion

A Columbus company will be getting a tax break on a $700,000 investment that will allow it to retain 23 jobs and add one more.

Columbus City Council approved the tax abatement request this week from Advanced Mold & Engineering. The company plans to purchase new manufacturing equipment to meet industry requirements for higher production speeds and shorter delivery times.

The company, on South International Drive, opened in 1994 and is owned by its employees since January of last year. The company builds molds for the automotive markets, consumer products, medical equipment and yard equipment industries.

Under a tax abatement, property taxes are phased in on new equipment, usually over 10 years. According to city estimates, the company will save about $21,478 thousand in property taxes over teh course of the abatement, but will also be paying nearly $36 thousand dollars more than it is paying right now.