The Peru City Council approved another incentive package Monday night for a local manufacturing company.

With a unanimous vote from the four members present at the meeting, the Council agreed to grant Snavely Machine and Manufacturing a seven-year, 70 percent tax abatement on approximately $2.8 million worth of new equipment and an identical abatement on $400,000 of real property improvements.

That translates into an expected tax savings to the company of just over $67,000 per year or about $470,000 over the seven-year period.

Support and justification for the deal, provided to the Council by the Miami County Economic Development Authority, said that the incentive will allow the auto parts manufacturer to “diversify their business to offer additional product lines” and help in retaining 200 employees.

The incentive deal, approved by council members Blane Holland, Tom Gustin, Cheryl Lee and Jan Languell, is at least the sixth such abatement for the company since 2010.

Mayor Gabriel Greer on Tuesday applauded the Council’s decision, citing Snavely’s contribution to the community since moving to Miami County from Logansport. He acknowledged that the city has awarded a “handful” of the incentive deals to the company over the years, but that the company has always exceeded expectations in terms of growth and jobs created following each new project and investment.

“They’ve always more than done what they’ve said they were going to do,” Greer said. “So we’ve always been more than happy to work with them.”

Work on the project for which the most recent abatement was awarded is expected to begin Aug. 15 and be completed in December 2020.
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