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Bomarko received a personal property tax abatement for the installation of a new press and additional equipment. The estimated capital investment of $4 million is for the property located at 2400 Walter Glaub Drive in Plymouth.
Bomarko currently employs 97, this investment is conservatively estimated to add an additional 4 full-time employees. These additional positions are expected to be able to average up to $27 per hour.
Kimberly Birchfield, Bomarko Controller, attended the Plymouth Common Council meeting Monday, Sept. 23 to answer questions from the council during the public hearing.
The tax abatement is a seven-year phase in abatement. The additional assessed value of the personal property for this investment will be phased in over the seven-year period. This helps companies make investments in expanding their manufacturing capacities without having to pay the large increase in taxes in the first year. They will gradually pay more each year as the assessed value of the personal property is increased.
Bomarko received a previous abatement in 2019 and has complied each year. The number of jobs created and retained by the capital investment is reported each year to stay in compliance. For this reason, companies are often conservative when estimating the number of new jobs created.
“Bomarko has been a long time locally grown company that has been a good corporate citizen in the community. This company has grown from only producing rolls of waxed paper to a leading flexible packaging and specialty coating manufacturer,” said Marshall County Economic Development Corporation’s Greg Hildebrand. “MCEDC was proud to assist Bomarko in this process, and thanks the City of Plymouth for helping to incentivize this type of growth in Marshall County.”
