Argos_Logo_2018Topp Industries received approval during the most recent Argos Town Council meeting for a personal property tax abatement on an estimated $520,000 capital investment in their Argos manufacturing facility.
The investment in rotational molding equipment will help retain 13 full-time employees and is estimated to increase the payroll by 4 to 8 new full-time positions. “As the industry changes and with continued improvements to our product, processes, and technology, Topp Industries is investing in building for the future at our Argos manufacturing facility” said Kevin Birchmeier, Topp Industries President.
Topp Industries started in 1988 in a garage and has grown to an internationally recognized brand in sump, sewage, and wastewater products.
This expansion is supported by a 7-year phase in, personal property tax abatement, where the additional value of the equipment is gradually added to the assessed value property to be taxed thus the town receives additional taxes each year. The abatement was approved by the Argos Town Council following a public hearing on June 3rd. This hearing was the second step in the tax abatement process. The first step took place on May 20th when the Council passed a resolution designating the facility as an economic revitalization area.
“Marshall County Economic Development Corporation was proud to support and assist Topps Industries with this tax abatement,” said Jerry Chavez, MCEDC President/CEO. “This capital investment will result in over $100,000 being added to the local payroll. Tax abatement is a tool offered by the Town of Argos to encourage business investment in the business and is consistent with the business-friendly environment that the Town of Argos continues to nurture.”