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Notions Gets Abatement
And last week city commissioners granted the company an abatement that will exempt all the personal property tax tied to the project. The abatement is good for 12 years and will save the firm an estimated $416,000 over that period. The city's abated portion of that personal property tax is $74,000.
Notions Marketing expects to add up to 35 new jobs once the expansion is finished. The city estimated those jobs would be worth $93,000 in new income-tax revenue over 12 years, or $19,000 more than the exempted tax.
Second Ward Commissioners Rick Tormala said the commission's action was not only protecting jobs in the city, but adding more jobs to the overall work force.
"It's not only a tax break with money going out; money is also coming in," he said.
The personal property tax abatement is the second the company has received in the last three years. In 2004, the city awarded the firm an abatement for a $2 million project at
Notions Marketing is a global wholesaler that serves the craft and hobby industries. The company stocks 95,000 different items and serves more than 6,000 retail stores. Notions Marketing employs 255 workers.