City Council approves tax break for NTN expansion

NTN Driveshaft will be getting a tax break to encourage it to expand its Walesboro plant. The Columbus City Council approved a 10-year tax abatement on the $90 million dollar project last night.

The company says it plans to bring in 74 employees by 2020 and at up to  100 total by 2023. The company already has about 1,575 employees. The new jobs would pay about $17.30 an hour.

A tax abatement phases in property taxes over several years for new property and equipment. Based on estimates from the city, the abatement would save the company about $605,000 in the first year and about $3 million over the life of the abatement. However, the company would be paying about $5.3 million more in property taxes over that 10 years, than it is already paying.

The company plans to invest about $8 million in building improvements and expansion, and about $82 million in equipment to expand forging and production capability.

NTN officials say that this new expansion will bring total investment in their Walesboro facility to nearly one-billion dollars.

The Columbus City Council voted unanimously Tuesday night to approve the abatement.