Members of the Plymouth City Council heard from Jerry Chavez, President and CEO of the Marshall County Economic Development Corporation on Monday evening as he presented a request for tax abatement at 2400 Walter Glaub Drive.
Jennifer Hewitt, acting CFO of Bomarko, Inc. told the council they had initially planned to build a new building on their property on Oak Drive and was granted a tax abatement October of 2018. She said as they began working on the building project they learned the site had lots of challenges making the project very expensive.
Hewitt said there was a vacant building immediately to the west of their current facility that was almost three times larger than what they had intended to build. After looking at the facility it was decided to purchase the building instead of constructing a new one.
Basically Bomarko wants to move the tax abatement issued in 2018 to the new location on Walter Glaub Drive.
Bomarko is a global leader in the flexible packaging products industry and initially was going to invest $5 million to expand their business in Plymouth. Their capital investment was estimated to be $2 million in building improvements and $3 million in new equipment, creating 20 jobs and growing the local economy. The new investment will be the $3 million for equipment.
Monday evening the Common Council unanimously approved the first step in the tax abatement process by declaring the property to be in an Economic Revitalization Area (ERA). They will conduct a public hearing on the tax abatement request at their December 23rd meeting.
