A business with North American headquarters in New Albany is planning a fourth expansion that will create 30 jobs.
Axium Plastics, 9005 Smith's Mill Road, will build a $5.1 million building on Innovation Campus Way West to augment its facilities in New Albany. The business' international headquarters is in Ontario, Canada.
To help facilitate the project, New Albany City Council on June 20 approved a 100 percent property-tax abatement valued about $90,000 per year.
The incentive would last for 10 years if Axium builds an advanced "green" building and seven years if it builds a baseline "green" building, said Jennifer Chrysler, New Albany's community-development director. The "green" ratings are based on the building's level of environmental sustainability with regard to its construction.
Axium Plastics, a contract manufacturer, built its first New Albany facility in 2011, according to the legislative report for City Council. The company expanded in 2012 and again in 2015 as part of a $40.4 million investment thus far in New Albany.
"There's a large diversification of jobs for this company," Chrysler said.
The 30 new jobs would create a minimum of $1 million in annual payroll for the company, she said.
Each year, revenue-sharing agreements for income taxes on the payroll would send a minimum of $6,000 to repay infrastructure debt in the New Albany International Business Park, $5,500 for the Johnstown-Monroe Local School District and $5,500 for New Albany's general fund, Chrysler said.
New Albany has provided financial incentives for each of Axium's expansions in New Albany, she said, and the company has exceeded the eligibility benchmarks for each of those incentives, both in the number of jobs as well as payroll thresholds.
Ven Bhindwallam, a controller for Axium, said the company nearly is ready to begin construction. The building is slated to be complete by the end of December. The company has about 450 employees in New Albany, he said.
The location has helped Axium expand because Columbus is a supply-chain hub, he said.