COLUMBIA, Mo. (KMIZ)
A Columbia-based company is seeking tax incentives to expand its headquarters.
Equipment rental company EquipmentShare applied with Boone County for Chapter 100 bonds last 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 over the next five to seven years.
Under the Chapter 100 program, the county government issues bonds to help a company expand or build and defray its property tax cost on the new property and equipment. The proposal will be reviewed by local governments that receive property tax before being voted on by the Boone County Commission.
The company estimates that even with the abatement, Columbia Public Schools -- which takes in the largest amount of property tax among local governments -- will get an additional $2 million in property taxes over the next 10 years from the expansion.
The commission supports the proposal, according to a presentation from Regional Economic Development, Inc. The presentation will be given to members of the Columbia Board of Education Finance Committee on Wednesday.
EquipmentShare hopes to have the tax incentives in place by September. 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.
Former Columbia mayor Brian Treece is among the company's executives.