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Gluckstadt board approves 10-year Freeport exemption for Tower Automotive, tables other exemption requests
Summary
The board approved a 10-year Freeport ad valorem tax exemption for Tower Automotive and tabled expansion and Leaderway exemption requests while discussing a future city policy to align exemptions with Madison County and MCEDA.
On April 14 the Gluckstadt Board of Aldermen approved a 10-year Freeport ad valorem tax exemption for Tower Automotive Operations USA I, LLC and deferred other exemption requests pending adoption of a formal city policy.
Alderman Jayce Powell introduced discussion on developing an ad valorem exemption policy to align city practice with Madison County and the Madison County Economic Development Authority (MCEDA). The board agreed to coordinate with county officials on exemption thresholds and terms before adopting a formal policy.
The board approved the Tower Automotive 10-year Freeport exemption on motion; a separate request from Tower Automotive for an expansion-related exemption was tabled pending policy adoption. A request from Leaderway USA, Inc. for a Freeport exemption was tabled earlier in the meeting. Westlake Chemical’s expansion-related exemption request was also tabled.
The board’s actions reflect a willingness to use Freeport exemptions as an economic-development tool while reserving judgment on expansion-specific exemptions until a uniform policy is drafted and vetted with county partners.
Next steps: Alderman Powell will coordinate with Madison County and MCEDA and present a proposed exemption policy for future board consideration.
