Poplar Bluff council moves Legacy Fasteners tax‑abatement plan to June 1 vote

The Poplar Bluff City Council on May 18 referred to its June 1 voting session a proposal to issue taxable industrial revenue bonds that would allow a 75% real‑property tax abatement for Legacy Fasteners, LLC for 20 years.

Mark Grimm of bond counsel Gilmore and Bell told the council the bonds are intended to facilitate a partial property tax abatement for Legacy Fasteners; he said the company purchased its Industrial Park building for $2.1 million and has committed to relocating 57 existing jobs to the site and creating 20 new jobs that would pay above the county average wage. Jeff Libla, president and CEO of Legacy Fasteners, said his family has been invested in the city for more than 40 years and that "the company plans to create more jobs than stated earlier." Chris Pratt, the company chief financial officer, said the payroll is projected at about $5 million this year.

Councilman Shane Cornman moved and Councilman David Boyer seconded placing the revenue bond and tax‑abatement item on the June 1 voting agenda; the motion carried. The referral does not approve the abatement; it schedules formal consideration and any vote for the stated future meeting.

Supporters framed the proposal as economic development that would preserve and expand local manufacturing jobs; council discussion focused on job counts, wage expectations and the duration and scope of the abatement (real property only). The council did not take a final vote on the abatement at the May 18 meeting.

The matter will return to the City Council on June 1 for a recorded vote and final action.