Four companies are getting incentives for expanding or bringing their business to Lafayette.
The city council signed off on tax abatements for Alcoa, Wabash National, Rae Magnet Wire Company, and Heartland Automotive.
Redevelopment Commissioner Dennis Carson says this is further proof of the business friendly climate the city has created.
Alcoa is receiving ten-year abatements on real estate and property to help build a more than $90-million aluminum lithium casting plant and create 75 jobs.
Heartland’s abatement also is for ten years to move and expand its facility from Kepner Drive to Veteran’s Memorial Parkway.
Wabash National is using its incentive to begin production on a new line of vacuum tank trailers, which are often used in wastewater treatment facilities.
The project is expected to create 60 jobs within the next year.
Senior Tax Manager Eric Demerly says the project is the next step in the company’s revitalization.
Rae Magnet’s seven year abatement is for $75.-million for new copper refining equipment.