EquipmentShare moves closer to winning tax incentive approval for expansion

COLUMBIA, Mo. (KMIZ)

A Columbia company came a step closer Thursday to landing tax credits it says will allow it to convert its headquarters in an old furniture store into a facility that can handle heavy tech demands.

Heavy equipment distributor EquipmentShare applied to the Boone County Commission for Chapter 100 tax incentives last month. Since then, the company has been pitching its plan -- including the multi-million dollar property tax break -- to the boards of governments that use property taxes.

Company representatives told the Boone County Commission on Thursday during a first reading to approve the incentive that those boards have all approved of the plan. The commission is expected to hold a second reading and final vote next week.

The company estimated the expansion of its headquarters will cost more than $100 million, according to the application. EquipmentShare is seeking a 75% abatement of property taxes on the expansion over the next five to seven years.

The company has more than 400 employees in its Columbia corporate office and estimates the expansion will create more than 500 jobs over the next five years paying an average of $24.95 per hour. The project will also help retain more than 80 jobs that pay $34.75 per hour, according to the application.

The current workforce is limited by space constrictions, the company said in its application. The company says in its application that it would like to stay in Boone County.

The first phase of construction would start this fall, with the final phase beginning in 2024.

Former Columbia mayor Brian Treece is among the company's executives and was at Thursday commission meeting to talk about the company's request.