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Commission approves $20,000 economic development rebate agreement for Olympus Filters
Summary
The commission approved an ordinance and agreement allowing a rebate of the city share of property taxes to Olympus Filters capped at $20,000; staff reported the company’s capital investment and projected job creation.
Newton commissioners approved an economic development agreement and authorizing ordinance that rebates up to $20,000 of the city’s share of property taxes to Olympus Filters, a company leasing a facility at 1810 Southeast Ninth.
Staff described the agreement as a tax-rebate style incentive paid in increments until the $20,000 cap is reached; the agreement requires Olympus to maintain operations in the city. City economic development staff said Olympus has invested about $875,000 in the site and expects to create seven jobs over a 10-year period. The ordinance invoking home-rule authority to permit the rebate (Ordinance 5171-25) was approved, and commissioners approved the agreement as presented.
Economic development staff and Olympus representatives emphasized the company chose Newton for its labor base and existing industry connections. Staff said the city typically performs a cost-benefit analysis; for a lease scenario the staff reported a favorable return on investment and noted the agreement supports local job creation and reuse of an existing building.
Commissioners voted to adopt the ordinance and to approve the rebate agreement. Staff said Olympus had given a verbal approval to the agreement and a city representative confirmed the company’s commitment to stay and grow in Newton.
