SMC Corp. is requesting a 10-year personal property tax phase-in from the Noblesville Common Council for the increase of assessed valuation resulting from the installation of new equipment into the existing facility at 10100 SMC Blvd.
SMC is proposing to purchase and install approximately $3,100,768 worth of new equipment to expand its production and distribution capabilities.
“With this equipment, not only will we be delivering products but designing more products for North American markets,” SMC’s Chad Bosler said.
The terms of the tax phase-in allow SMC to gradually pay taxes on its new equipment. In the first year, no money is collected. The phase-in gradually increases from $5,210 in the second year to $25,120 in the 10th and final year. Noblesville will collect $130,812 during the 10-year phase-in. SMC will save $194,768 in property taxes with the phase-in.
Noblesville Economic Development Director Judi Johnson said SMC has not only made monetary investments in the city but community investments with internships for Noblesville High School students, public events, the interest from other companies to locate in Noblesville and the use of their testimonial for global marketing of the city.
SMC, a global pneumatic technology developer and manufacturer, moved its headquarters to Noblesville in 2008. Since then, the company has made a capital investment of $67.4 million and expanded from 458 employees to 681. Johnson said the company expects to increase its employees to 773 by 2017. SMC completed its $19-million expansion last year in Noblesville and now has 1.329 million square feet of building space on its 195 acre campus.
“SMC has been a staggering success for the City of Noblesville,” Council President Roy Johnson said.
If approved at the Aug. 13 council meeting, it would be the fifth tax abatement SMC has received. Johnson said no other Noblesville business currently has more than two abatements.