The Greenwood City Council approved tax breaks for ERMCO to move its headquarters to the city.
Indianapolis-based ERMCO, Inc. plans to move its headquarters to Greenwood by next year. The company announced plans last week to build a 205,220-square-foot facility — including 63,240 square feet of office space and a 141,980-square-foot warehouse — on a 11.5-acre lot at the northwest corner of Main Street and Graham Road.
ERMCO plans to invest $18 million, relocate 150 jobs from its existing Indianapolis location, and add 20 more employees at the Greenwood headquarters. Average pay will be $70,000 a year, or $33.65 a hour.
The council last week approved more than $1.4 million in real and personal property tax abatements for the company.
The $1.4 million real property tax break is a standard abatement, where ERMCO will not pay any property taxes the first year, then an additional 5% to 15% each year over the 10-year period. The personal property tax abatement will save the company about $13,300 over five years.
The company would still pay more than $2 million in property taxes.
