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www.wmfd.com - A 10-year, 100 percent tax abatement for an expansion project at Arcelor Mittal has been approved by the Shelby Board of Education.

   
 
 
Shelby School Board Okays Abatement For Company Expansion

Story By: Brigitte Coles

 

 

 
 
 
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A 10-year, 100% tax abatement for an expansion project at Arcelor Mittal has been approved by the Shelby Board of Education.

Supt. Tim Tarvin said based on the Richland County auditors estimates, the project would generate about $119,953 annually in property taxes for the district. Tarvin said the district will not collect the money under the abatement.

"Arcelor Mittal has been a tremendous benefit to this community and a great partner for the school district. We are happy for them and this new project," Tarvin said.

Tarvin said the project is estimated to add $1.9 million in payroll to Areclor Mittal. Shelby City Council has not acted on the abatement. Tarvin said they intend to consider it in early July.

"Regardless of whether or not real estate taxes are abated, the district would collect one-percent of whatever portion of this amount that is paid to school district residents in annual School District Income Tax. At maximum this would amount to about $19,000 a year." Tarvin said.

   
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