Mansfield City Council passed three pieces of legislation on Tuesday evening related to a planned $12.38 million investment into the Edge Plastics facility at 449 Newman Street in Mansfield.
The amount invested includes new construction, real estate acquisition, purchase of machinery and equipment, and purchase of furniture and fixtures at the plant which current employs 85 individuals in 70,000 square feet of space. 43 new positions would be created over two years under the proposal, with 34,786 square feet of additions planned.
Measures enacted include a Community Reinvestment Area (CRA) Agreement, School Compensation Agreement related to the foregoing CRA, and Job Creation Tax Credit Agreement. Parties involved in one or more of the foregoing agreements include the City of Mansfield, M&D Real Estate investments, Ltr; Edge Plastics LLC, EP Transportation, LLC, and Mansfield City Schools.
The CRA would involve a tax exemption of 100% for 15 years on the real property portion of the investment, which amounts to $2,930,894. Mansfield City Schools would receive $35,177 under the compensation agreement, and the Job Creation Tax Credit would be a credit worth 50% of municipal income tax withheld on qualifying new jobs. The total new annual payroll will be $1.6 million.
All three measures were passed on their first reading.
According to its website, Edge Plastics, Inc. uses state of the art injection molding technology to make high-quality industrial polymer storage products. The company has 24 injection molding machines, ranging from 500 to 1,650 tons.