Posted: Tuesday, June 16, 2015
A local company’s investment in a blow molding machine is expected to create new jobs and so the New Castle City Council approved a property tax abatement to the company.
KVK US Technologies, 1016 S. 25th Street, is investing $2 million in new equipment. The city’s tax abatement will allow the company three years to phase in the payment of property taxes on it.
McClung said he hopes to have the new equipment operational by October.
Penny York, special projects manager for the New Castle-Henry County Economic Development Corporation, made the request on McClung’s behalf. She said the EDC supports the abatement request. The council unanimously approved the abatement.