A Greenwood aerospace company that got a tax break for an addition to its building got permission from the city to delay the project.
Ferco Aerospace Group is getting tax breaks from the city on a 23,000-square-foot addition for the L&E Engineering Co. building at 254 N. Graham Road. L&E Engineering is a division of Ferco, a company based in Franklin, Ohio. The company plans to hire 40 more employees and invest $3.7 million in the expansion, which will about double the size of the company’s facilities.
The company had expected to start construction by July 2013, but wasn’t able to get building permits in time, company representative Chad Sweeney said.
Ferco got tax breaks for the project, which should total $259,000 over 10 years, and had to get the city’s permission to delay the work in order to meet requirements for the property tax abatement.
The Greenwood City Council approved allowing the delay, giving Ferco a June 30 deadline to get building permits and a Dec. 31 deadline to start construction.