GREENVILLE — The Greenville City Council approved a tax abatement application from Huntington Foam as its expansion, which began in July, is coming to an end.
Huntington Foam, located at 1323 Moore Street, is a custom foam shape molder for applications, plumbing, furniture, electronics and automotive industries. The company is based in Jeanneatte, Pa., and also has facilities in Fort Smith, Ark., Greer, S.C., Guadalupe, Mexico, and Ramos Arizpe, Mexico.
“I would like to express, on behalf of Huntington Foam, (appreciation) for the support of helping us remain in Greenville and expanding in the facility,” said Mel Parsons, director of corporate services, at Tuesday’s Greenville City Council meeting.
The expansion added 27,000 square feet to the facility and 30 new jobs to the business.
According to the tax abatement application, the building/land improvements totaled $1,551,882 and added $1,022,557 in new equipments.
“We are in the final process of expanding and have some things to finish up with paving and landscaping,” Parsons said.
The tax abatement is a tax exemption from the city for a certain amount of time as an incentive for businesses to come or remain in the area. The Huntington Foam application was approved for a 12-year duration.
According to the application, $91,952 of city property taxes are to abated during that time. Also, $393, 130 is the total property taxes to be abated.
“Assuming 3 percent annual CPI for real property, STC Depreciation schedule for personal property and no change in millage rates,” states the application for the amount of estimated property taxes proposed to abated.
“We appreciate the city of Greenville and everyone that has supported us,” Parsons said.