Bollhoff Inc. Expanding in Kendallville
City Council approves abatement
Posted: Tuesday, June 17, 2014 11:00 pm | Updated: 6:12 am, Wed Jun 18, 2014.
By Dennis Nartker
KENDALLVILLE — The City Council Tuesday night approved a resolution granting Bollhoff Inc. tax abatement on new equipment.
Bollhoff’s plant at 2705 Marion Drive is in a designated Economic Revitalization Area and eligible for abatement.
The 10 years of phased-in property taxes involve $473,960 of new equipment that will create one new full-time job. The plant has 41 employees. Bollhoff will save approximately $16,900 in property taxes over the 10 years, based on the current tax rates for machinery and equipment.
The new job will pay about $50,000. Employees at the plant make an average of about $60,400, according to the company’s tax abatement application.
Germany-based Bollhoff Group, the plant’s owner, is a family-run company with more than 2,000 employees operating in 21 countries around the world. The North American headquarters are in Troy, Mich., with manufacturing in Kendallville. Bollhoff makes fasteners and plastic and metal joining solutions.
On June 11 the Economic Development Advisory Committee recommended the abatement.