SpaceGuard Products Inc. is at 711 S. Commerce Drive, Seymour.
Zach Spicer | The Tribune
A 10-year tax abatement has been granted to a Seymour company to add a piece of equipment and accessories.
During a meeting Monday night at city hall, the Seymour Common Council unanimously approved a statement of benefits and a resolution for a tax abatement for qualified personal property for SpaceGuard Products Inc.
The company, which is located at 711 S. Commerce Drive on the far east side of the city, is investing in a CNC laser tube cutting machine and its accessories.
Jim Plump, executive director of Jackson County Industrial Development Corp., spoke on behalf of the company and said the total cost of the investment is $401,000, and SpaceGuard will add one new employee to its current workforce of 47.
He said the project is expected to start after March 1 and be completed by June 30.
Terence Tracey, controller for the company, also attended the meeting to answer any questions.
The statement of benefits and resolution both were introduced by industrial development committee chairman Seth Davidson.
A tax abatement occurs over a 10-year period in which companies pay 10% more on taxes each consecutive year. Companies do not pay any property taxes on the improvements in the first year of a tax abatement.
SpaceGuard Products is a manufacturer of wire partitions and area guarding solutions, according to spaceguardproducts.com. The company offers a range of products, including woven and welded wire partitions, wire mesh storage lockers, rack safety panels, rack repair kits, aisle guarding and mezzanine rail guarding.
The wire mesh partitions come in standard and custom sizes, serving various purposes such as machine and robotic guarding, computer security cages, tenant storage lockers, Drug Enforcement Administration and pharmaceutical cages and warehouse or retail security, the website states.
SpaceGuard Products was established in 1990 when Logan Wire Company and Ford Fence Company merged.