Lima City Council voted on an Enterprise Zone Agreement that would involve the city, county, Perry township, and the Allen County Port Authority.
Council voted to approve the agreement with Logoplaste Lima, LLC. It will guarantee the plastic packaging company a 75% exemption of property taxes over the course of 10 years. Within the zone agreement, a 100 thousand square foot manufacturing facility will be built on commerce parkway. It will cost approximately 5 million dollars, plus an additional 30 million for machinery and equipment. Within the first 3 years of the enterprise's operation, it's expected to generate 51 permanent full-time jobs.
City Council President, John Nixon says, “It’s a good investment, it’s going to create jobs. I believe the Perry Schools have agreed to the abatement as well on the property tax, and of course, the city where we gain is not just the real estate investment. We don’t get much in the way of property taxes from that. But we do gain the income tax from the jobs that are created. So it’s a win-win for both.”
At Monday's meeting, the council also had a second reading to allow the installation of a 5G Verizon Wireless antenna on the Paul Street water tower. They also approved the new name designation of the Jameson overpass to the William A. Fowler Memorial Bridge, in honor of the once Lima resident and 1983 recipient of the Nobel Prize in Physics.
