The Marshall County Council has finalized a tax abatement for Faulkner Fabricating. It’s the second one in just over a year for the Bourbon-area business.
The company says faster-than-anticipated growth has led to the need for a 42,000-square-foot addition to the facility, costing about $960,000. At the same time, Faulker Fabricating is spending nearly $217,000 on new coating equipment.
Jerry Chavez with the Marshall County Economic Development Corporation said Monday the company’s requesting abatements on real estate and personal property taxes. “The term is 10-year abatement at what we call a phase-in,” he said. “So it starts off at 100 percent and declines 10-percent-per-year, up until the 10th year, and then the 11th year, it’s all-in, in terms of taxes and the obligation to Mr. Faulkner.”
The Marshall County Council voted Monday to confirm its earlier decision to designate the property an Economic Revitalization Area, as well as approve the terms of the abatement.
