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Lorain approves tax-abatement package for Absolute Machine Tools tied to $1.8M investment
Summary
Council voted to approve a community reinvestment area (CRA) tax abatement for Absolute Machine Tools Holdings that the city says is tied to about $1.8 million in investment and an estimated $1 million annual payroll; the company opted for a 50% threshold rather than a full abatement and council supporters said the incentive will help retain and expand local jobs.
Lorain City Council unanimously approved a community reinvestment area tax abatement for Absolute Machine Tools Holdings after questioning and discussion about whether an abatement is appropriate for a company already operating in the city.
Sponsor remarks and staff…
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