The Plymouth Common Council approved Resolution No. 2024-1103 A Resolution of the City of Plymouth Declaring Certain Real Estate to be Within an “Economic Revitalization Area” Pursuant to I.C. 6-1.1-12.1 et. Seq. (Viking Paper Corporation).
This is based on a Tax Abatement application made by Viking Paper Corporation for a personal property investment of $7,873,712. One position is expected to be created with a compensation package that is considered reasonable.
City of Plymouth Attorney Jeff Houin explained to the Council that this is the beginning of the process to approve a tax abatement. Since the Council approved the Economic Revitalization Area, a public hearing will be held during the next Common Council meeting scheduled for April 22 to consider a final confirmatory resolution to approve a Tax Abatement.
CEO and President of Marshall County Economic Development Corporation (MCEDC) Greg Hildebrand presented information and was available to answer questions.
Hildebrand clarified that Viking Paper Corporation currently has 43 employees. Even though this project will only add one employee with a salary of $52,000; Viking Paper increased employment from 27 to 43 with their first Tax Abatement that began in 2016. The payroll has increased from an average wage of $15.45 per hour to over $24 an hour. Wages for that payroll are at $3,276,816; up from $478,000 a year which illustrates growth.
Since Compliance Forms hold applicants to those projections; Hildebrand explained that applicants tend to be conservative on those projections so that they can meet the standard and hopefully exceed it.
Hildebrand described Viking Paper Corporation as a true success story. This investment will expand their line and increase efficiency rather than replace any equipment. Viking Paper Corporation produces high quality corrugated board. The product that they make is made from recycled water bottles and is recyclable.
