GOSHEN — A pair of plastics extrusion companies that have outgrown their plants in Elkhart County have offered to add more full-time jobs, invest in real estate and buy new equipment in exchange for property tax phase-ins.
The Elkhart County Council gave preliminary approval Saturday, July 13, to the requests coming from Reschcor Inc. and Lifetime Industries Inc., a company doing business as Boyd Corp. The council is expected to hold a final vote on the phase-ins in August.
Applying for a property tax phase-in that would cover the next seven years, Reschcor has been a manufacturer in Elkhart County for three decades, boasting at least 15 percent sales growth annually over the past four years, according to company president Tom Reschly. Reschcor, formerly known as Omega Plastics, plans to relocate to C.R. 29 near the Indiana Toll Road in Bristol. The company has spent the past year searching for a new property.
“We have struggled in locating suitable sites,” Reschly told the county council. “We think we have one that will suit our needs adequately at this point, so we’re excited about the possibilities of expanding in Bristol.”
If approved next month, Reschcor will commit to hiring 43 new employees with annual salaries totaling $1.55 million. The company has estimated real estate improvements at $3.1 million with a $3.5 million investment in new machinery and $153,500 for new information technology equipment.
“This is quite an exciting project,” said Dave Ogle, director of business retention and expansion for the Economic Development Corp. of Elkhart County. “It’s substantial, good job growth, good wage rates and certainly a great entrepreneurial team with great growth potential.”
The county council heard a similar proposal Saturday from Boyd Corp., located at 53208 Columbia Drive in Elkhart. The company is planning to build a 39,300-square-foot addition for its 79,000-square-foot plant estimated at $1.6 million.
“We’ve been very blessed with our growth,” said Tom Hayward, general manager at the plant. “We’ve been growing at a very rapid rate, and back in 2006 when we originally built the building at its current site, we never thought we would outgrow it, and here we are today. We’re bursting at the seams to grow.”
Hayward said most of Boyd’s business in Elkhart is related to the recreational vehicle industry, but the expansion would allow the company to branch out into other industries, like aerospace, automotive, medical and electronics.
Boyd has asked for a six-year property tax phase-in with the promise of adding $1.76 million in new machinery as well as $20,000 in new information technology equipment. The company would also create as many as 30 jobs with annual salaries adding up to $947,000.