By 1812Blockhouse
In a move to boost local employment and economic growth, Mansfield City Council approved a tax abatement agreement with Walcraft Cabinetry on Monday night.
The community reinvestment area (CRA) agreement offers a 50-percent, 15-year property tax abatement. In return, Walcraft Cabinetry commits to creating 20 new jobs over the next two years, contributing an annual payroll of approximately $1.2 million. Tim Bowersock, the city’s Economic Development Director, presented the details.
The Economic Implications
The agreement is not just a short-term win; it has long-term benefits as well. Walcraft Cabinetry is already contemplating expansion, which could bring additional jobs to Mansfield. The new warehouse would be a 28,000-square-foot facility and will focus on warehousing, distribution, and light manufacturing of cabinetry.
Breaking Down the Investment
The project involves a substantial financial commitment from Walcraft Cabinetry. According to the CRA application, the company will invest $2.5 million in constructing the building. An additional $1,115,000 will be allocated as follows:
- Machinery & Equipment: $250,000
- Furniture & Fixtures: $15,000
- Inventory: $850,000
The land for this promising venture is strategically located south of the Old Dominion Freight Lines facility, at 1901 Airport West.
Project Timeline
The project is not just a plan on paper; it’s set to become a reality soon. The construction is slated to begin in the near future and aims for completion by August 31. This tight timeline underscores the commitment from both the city and Walcraft Cabinetry to bring this project to fruition.
A New Home for Elyon
In its application for the tax abatement, Walcraft Cabinetry shared some heartening news for Mansfield. The company stated, “This was the incentive we needed to choose Mansfield as the permanent home for our new cabinet brand, Elyon, to be launched from. This offer gave us confidence that we had the support we needed to make Mansfield our new home and bring back quality careers into this community.”
Image by u_jup1hbno from Pixabay
