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Argos Town Council Approves Tax Abatementfor ITAMCO

March 17, 2011

03/18/11 Earlier this month, the Argos Town Council held a public hearing for a tax abatement for ITAMCO.  Formally known as Indiana Tool and Machine, the manufacturer started business in 1955 as a tool and die producer in Plymouth.  They are now a tier one precision machined component supplier to industries.  ITAMCO bought the vacant Oxford plant in 2005 as a second place of operation.

Gary Neidig, ITAMCO Vice President, Rich Deahl, ITAMCO’s lawyer and Jennifer Laurent, MCEDC Director presented the Council with a request for a 10 year tax abatement.  They explained to the Council the long term benefits there would be by granting the tax abatement on a new piece of equipment.  The equipment is valued in excess of 1.5 million dollars and will be the only kind like it in the United States.  The equipment will be able to preform high precision grinding inside the large gears used for wind turbines.

Council Member, Val Harley, asked if there would be new jobs with the new equipment.  Neidig explained the request stated there would be three additional employees.  As they acquire more equipment more employees will be needed.

Resident Charlie Howard reminded the Council of the condition of the building before ITAMCO bought it.  They have cleaned up and improved the building and grounds.  Shawn Harley told the Council the significance of ITAMCO and the high precision parts they make.  He felt that the need for employees on the higher end of the pay scale is a plus for Argos.

During the regular meeting, the Council passed Resolution 2011-2 for the ten year tax abatement on ITAMCO personal property.  Council President, Dave Walker, said “I appreciate the amount of energy and effort ITAMCO is doing to improve the property.”