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Council approves three-year tax abatement for PrimeX Plastics after committee recommendation
Summary
The Richmond council approved a three-year descending business personal property tax abatement for PrimeX Plastics, which told the council it plans to invest over $8 million, create six new jobs and retain 251 positions.
The Richmond City Common Council approved Ordinance 5-20-26 granting a business personal property tax abatement to PrimeX Plastics after a recommendation from the tax abatement committee.
A committee representative told councilors the company plans to invest more than $8,000,000 to add a production line with new capabilities, and that the project would create six new jobs and help retain 251 positions. The tax abatement committee reviewed PrimeX’s application and recommended a three-year descending abatement of 100% in year one, 50% in year two and 30% in year three.
Councilors toured the facility before the vote, and one member said the equipment would be the only one in the United States producing that product, describing it as a positive outcome for Richmond. Following motions to engross and call the question, the ordinance was passed by recorded/voice vote.
