With the final hearing held Monday night, Mid-America Foundation Co., doing business as Poseidon Barge, received a super tax abatement by a unanimous vote of Berne City Council.
Under a scoring system put in place by the city to rank applications for the enhanced tax abatements now available in Berne, City attorney Dave Baumgartner reported MAFC received scores of 94 for real property and 96 for personal property, well above the required 70 points necessary to qualify for the abatement.
MAFC, which manufactures barges and is headquartered in Fort Wayne, plans to expand its business base in Berne with the purchase of part of the former Ficosa Complex at 725 Parr Road.
With the abatement now secured, and MAFC moving forward with the purchase, the company will be investing approximately $2.4 million in manufacturing, logistics and information technology equipment, and about $6 million in real estate improvement, Larry Macklin, executive director of economic development for Adams County said during the Feb. 24 council meeting.
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