BEDFORD - FEBRUARY 22, 2024 - The Bedford Redevelopment Commission and City of Bedford gave the green light for a 65 percent tax abatement for CAP Group Inc with a 15 percent fee going to the Bedford RDC during their meeting Tuesday night.
Photo: The 119,000 square foot facility is expanding for General Motors and other uses
A total of 50 additional employees will be hired and there will be personal property that is not part of the tax abatement.
The company made a $7.5 million investment in expanding the facility with a total of $1.5 million in increase in salaries.
The building projected assessed value of $3.5 million according to Shance Sizemore, Lawrence County Economic Growth Council.
The net property taxes for a ten year period is little over $1 million.
The company will save about $450,000 during a ten year period with a standard tax abatement.
If the abatement schedule is set at a Z rate at 64 percent for ten years the company will save about $606,000 then property taxes about $403,000, then year 11 will be paying 100 percent.
The Bedford Redevelopment Commission will receive a little over $400,000.
" Part of the building is rented and that will be processing parts, mostly for General Motors. The rest 70,000 square feet is open for rent. We are gambling a little bit, but we are in conversation with some companies. We do not know yet what those jobs will be," said Doug Conrad Owner CAP Group Inc.
" The current project will have 50 jobs in the building, for work that is currently being done in Bloomington at this time at Otis. We will be moving those jobs, from Bloomington to Bedford," added Conrad.
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