Last night the Ferdinand Town council formally approved tax abatements for one of the community’s top employers.
The council allowed the abatement for Masterbrand Cabinets. The company plans to expand their Ferdinand production facility and add $1.1 million in new equipment.
The tax abatement entails a scoring process depending on what the company plans to bring into the community as far as the assed value of equipment. Also taken into consideration of course is the amount of jobs that are being created as well.
Company officials say the expansion would provide an estimated 135 jobs with pay scales ranging from eleven to fourteen dollars an hour with some higher level positions paying as much as 21 dollars an hour.
With the abatement in place and Masterbrand planning their improvements, Ferdinand Town Council President Ken Sicard says the plan is big news for the community and it’s economy:
The tax abatements will take effect after the council’s next regular meeting slated for Tuesday February 11th. During that meeting the council will open the floor for a public hearing on the issue at 8 pm.
Masterbrand ask for the abatement to be passed as soon as possible so the company could move forward on this project, with a targeted completion date of June 1st.