The Mt. Carmel City Council has approved two Tax Increment Financing, or TIF, agreements aimed at supporting local business investment and job retention.
The council unanimously approved Ordinance 2154, formally authorizing a previously approved one-time $20,000 TIF grant for Scout Cabin Creamery, located at 229 West First Street. City Clerk Ryan Turner said the ordinance memorializes the council's earlier approval of the incentive.
Commissioners also approved Ordinance 2155, committing $75,000 in TIF assistance to Pacific Press Technologies for improvements at its facility at 714 North Walnut Street. Under the agreement, the funding will be paid over five years in annual installments of $15,000 to help offset the cost of a new roof.
Turner noted that while the total incentive is $75,000, the company's property tax contributions are expected to replenish those TIF funds within about a year.
Mayor Joe Judge said Pacific Press Technologies recently purchased the building after leasing it for several years, calling it a significant commitment to keeping the company and its jobs in Mt. Carmel. Judge added the company has introduced several new pieces of equipment that have been well received in the marketplace and is bringing back work that had previously been outsourced, creating additional skilled employment opportunities.