The Gadsden City Council on Tuesday approved a tax abatement for a major expansion project at Prince Metal Stamping USA, Inc.
The investment from the company will be $45,765,000, and the council agreed to abate state and local non-educational property taxes and construction-related taxes for 10 years.
It’s estimated that the non-educational property taxes will be $219,627 per year, while the construction-related taxes are approximately $1,737,887.
Frankie Davis, head of governmental affairs and economic development for the City of Gadsden, said the project is expected to bring 25 jobs over the next three years.
He said the project is a big investment for the company, and it represents an indirect investment in education because the city and county school systems, along with the state, will continue to receive funding since only non-educational taxes were abated.
“Those numbers are substantial,” Davis said.
“We look forward to the company investing again in Gadsden,” said Council President Cynthia Toles.
The council previously approved an abatement on a $34.5 million expansion by Prince Metal Stamping in 2016 that followed other tax abatements in 2008 and 2012.
The council also approved a bid of $42,250 to Alabama Grading and Excavation, LLC, for drainage improvements on Walker Street.
Another bid of $9,330 annually was awarded to LeadsOnline, LLC for a reporting and criminal investigation system for the Gadsden Police Department.