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Bollhoff receives tax abatement for seven years for Kendallville expansion

July 8th, 2016

News Coverage:

Indiana Economic Digest

July 7, 2016

Bollhoff receives tax abatement for seven years for Kendallville expansion

Dennis Nartker | News-Sun

Kendalville - The City Council Tuesday night granted Bollhoff a seven-year tax abatement on $998,442 in new equipment that will increase production capacity but not create jobs at this time.

Council members followed a June 28 Economic Development Advisory Committee recommendation to grant the abatement.

Bollhoff manufactures fasteners for joining solutions for aluminum, high-strength steel and composite applications at its plant at 2705 Marion Drive in the East Industrial Park, according to its website.

The plant is located in a designated economic revitalization area and eligible for an abatement. The new equipment is an optical vision system made in Italy for parts sorting, inspection and qualification.

The plant has 45 employees who earn an average salary of about $51,000 in pay and benefits.

Tom Hullinger, the EDAC’s vice president, said in a letter to the City Council even though Bollhoff is not creating jobs, the company supports several community organizations and has a strong wage scale for its employees.

“This prepares them for an additional shift as they continue to purchase more equipment,” he wrote.

Bollhoff will realize a total tax savings of $45,454 over the seven-year abatement term. In the first year, 100 percent of the equipment value will be abated. In the second year, 85 percent, and in the third year, 71 percent, continuing downward until the seventh year, when 14 percent will be abated.

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