Greenfield, Ind., city council members unanimously approved a 10-year tax abatement for Yamaha Marine Precision Propellers in anticipation of future expansion.
The vote came after a public hearing where a lone resident said the tax break should be denied, according to a report by the Greenfield Daily Reporter.
The article said Yamaha plans to triple the size of its Greenfield plant and more than double its workforce. Production at the 55,000-square-foot plant began in March 2021.
The abatement marks the second phase of a four- or five-phase development plan as the company progresses toward moving all production from the east side of Indianapolis to Greenfield.
The council approved the tax abatement for improvements associated with the expansion, which has been estimated at more than $16 million in real property and roughly $5 million in machinery and equipment.
The Greenfield facility houses the first part of Yamaha’s propeller production process, which includes assembling and casting. The props are then sent to a Marion County facility for finishing.
Batuhan Ak, general manager of the Greenfield plant, told the Daily Reporter that the company wants to expand by 110,000 square feet in the next two years and add about 101 jobs by the end of 2025.
