A Columbus-based manufacturer may receive a 10-year tax abatement for its $1 million investment in new manufacturing equipment if the request is approved by Columbus City Council later this month.
The council approved the tax abatement resolution Tuesday for Rightway Fasteners Inc. for new manufacturing equipment to accommodate an increase in production volume.
The $1 million investment includes one cold forging machine, four sorting machines and two shot blast machines, company officials said. The planned purchase and installation would result in 385 retained jobs and seven new positions by the end of 2019.
Columbus programs coordinator Robin Hilber said she expects the company will exceed more than 400 jobs locally within the coming years.
Rightway Fasteners, 7945 S. International Drive, is located in a previously designated economic revitalization area, making it eligible for a tax abatement, Hilber said.
If approved for the tax abatement, Hilber said the company would pay $21,000 over 10 years in taxes compared to about $52,000 over 10 years without the abatement.
“We appreciate everything you do as far as employment that you bring to the city,” at-large city councilman Tom Dell said. “We want your first investment, and we want every investment after that. This is just another avenue for us to try help you make that investment to employ more people in our community as well as for us to keep showing that we’re supporting you as well as you’ve supported all of us.”
