WAUSEON - Village council took the first step toward granting a real property tax abatement for NAFAB, Inc., a parts maker for the automotive industry.
The Wauseon company has announced plans to expand production and broaden its customer market. It has asked for abatement of taxes on new machinery.
Council reviewed the request and approved a first reading of a resolution at last night's meeting.
The resolution authorizes abatement of taxes that would otherwise be attached to machinery that NAFAB, a tube fabricator, plans to buy. The company, founded by the late Jack Ritzert, makes parts for several automotive companies.
Final passage of the resolution would authorize Wauseon Mayor Jerry Matheny to enter into a Rural Enterprise Zone agreement with the company that would grant a 100 percent abatement on the machines.
Wauseon's tax incentive review council has recommended such an agreement.
The agreement requires the company to retain five jobs and create seven jobs.
“We expect to hire four or five new employees over the next 12 months,” Chris Mylott, general manager at NAFAB, said. “We're in the process of expansion, and planning for new customers.”
The machinery should be running within the next 12 months, he said.
Mayor Matheny said he expected the agreement to receive final approval from council. “We're for more work for more people here,” he said.
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