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Council approves seven‑year abatement for Ray Magnet Wire expansion
Summary
Council approved a seven‑year real‑estate tax abatement for Ray Magnet Wire’s 30,000‑square‑foot warehouse expansion (approx. $4 million investment); company officials said the project supports EV motor supply and noted prior EV expansion added about 70–80 jobs.
The council approved Resolution 2026‑19 granting a seven‑year real‑estate tax abatement to Ray Magnet Wire for a roughly $4,000,000, 30,000‑square‑foot warehouse expansion to store buffer inventory supporting electric vehicle motor programs. Dennis Carson (speaker 18) introduced the request and said the redevelopment commission recommended the abatement; Chris Billingsley (speaker 17), president and CEO, told council Ray Magnet Wire has operated in Lafayette for more than six decades and recently completed an EV expansion that added roughly 70–80 jobs.
Billingsley said the current warehouse request is primarily to warehouse buffer inventory and will include a small number of warehouse jobs such as forklift drivers; he confirmed the current abatement request did not include a specific jobs commitment. Council voted 7–0 to approve the resolution.
