By By JOHN EBY / Dowagiac Daily News
New investment by Creative Foam Corp.'s Molded Products Division-Dowagiac plant, 55210 Rudy Road, should add four jobs within two years to 125 that will be retained.
"We've got a little good news on the economic development front. I am pleased to report that the city has received an application from Creative Foam for an IFT (industrial facilities tax exemption) on $681,100 worth of new equipment that they will be bringing to their facility," City Manager Kevin Anderson advised Dowagiac City Council Monday night.
This new investment will contribute approximately $2,800 in new taxes for the city and an additional $2,500 for other taxing entities.
The council called a public hearing on the request for 7 p.m. Jan. 26.
City Council recently adopted a policy by which the amount of money invested, the total jobs created or retained, the local job component and the annual payroll is taken into consideration when reviewing IFT applications.
Creative Foam's application scored an 11, which makes it eligible for a 12-year tax abatement.
Years seven through 12 of the abatement will require annual documentation that original criteria continue to be met.