Jefferson City, Mo. (KMIZ)
Modern Litho Printing Company is asking the city to issue Chapter 100 Bonds to expand its manufacturing, production capacity and create new jobs.
Chapter 100 bonds are a way to give several years of tax abatements on equipment and land to an entity.
The application to receive up to $5,000,000 in bonds will be presented at Monday's Jefferson City Council meeting.
The company wants to purchase a new printing press and other equipment to install at its facility at 6009 Stertzer Rd in Jefferson City and plans to create 25 new jobs.
"The primary reason for this tax abatement project is so that the company can enjoy an expansion and create new jobs," said City Counselor Ryan Moehlman. "New jobs are always important and help support the local economy."
Modern Litho-Print Co. looks to install the equipment in 2019, 2020 and 2021.
The project equipment will be subject to 50% personal property tax abatement for seven years if the company maintains the 25 new jobs.
The abatement would start in the calendar year immediately after the equipment is acquired and installed.