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Miami County approves 10-year tax abatement for Spectron RX; council allows transfer of additional abatement from Keller building
Summary
The council approved a 10-year personal-property tax abatement for Nuke Med dba Spectron RX—$30 million in investment and 50 jobs at $43/hour—with a 90% abatement for years 1–5 and 60% for years 6–10; the council also approved transferring an additional five years of real-property abatement from the Keller Opportunity Zone building.
Miami County authorized a 10-year tax abatement for Nuke Med doing business as Spectron RX at its Jan. 20 meeting after a recommendation from MCEDA. County officials were told the company would invest roughly $30 million in personal property and create 50 additional jobs paying about $43 per hour. Under the approved schedule, the abatement on personal property will be 90% for years one through five and 60% for years six through ten; because it applies to personal property it does not affect the Grissom TIF. Council approved the resolution 7-0.
Separately, the council approved a related resolution allowing Spectron RX to assume an additional five years of real-property abatement tied to the Keller Opportunity Zone shell building. The Keller building previously received a 15-year abatement; Spectron RX plans a 10-year lease with an option to purchase and sought authorization to take on the remaining five years. After discussion that included comments from the county attorney, the council approved the transfer 7-0.
