This week members of the Plymouth Common Council approved the first step in the tax abatement process for two local companies by declaring their real estate to be within an economic revitalization area.
Jerry Chavez, Marshall County Economic Development Corporation Executive Director said, “AK Industries has a rich history in Plymouth with 33 years and several expansions.” AK Industries is a leading producer of fiberglass and polyethylene products for the wastewater industry. They manufacture and assemble large fiberglass lift stations with capacities up to 10,000 gallons for municipalities and small capacity basins for the residential market.
AK currently has over 90 employees and an annual payroll of $2.5 million. They are expanding a new line to produce larger fiberglass lift stations. The new manufacturing equipment is $320,000 and the line will require the hiring of 3 new employees.
The second tax abatement request comes from Composite Technology Assemblies, formerly Eagle Craft on Markley Drive. Andy Aker said he and his partners, Mark Naylor and John Smith purchased the company in March last year. There were 9 employees and now they have 34. They not only make truck toppers but are producing other products including molded fiberglass parts for mass transit units and items for the automotive aftermarket business.
Chavez said, “The scope of this project is 1.2 million dollars which includes the purchase of a building that has set empty for two years at 906 Markley. There are about $800,000 in improvements and machinery and a total of at least 10 more employees.”
Council members approve resolution for both companies and public hearing will be conducted at the next city meetings.