Infignos Media - New plant coming to Riverside; council approves tax abatement

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New plant coming to Riverside; council approves tax abatement

Wednesday, April 18, 2012

Nufab Rebar LLC officially announced it plans to build a new plant in Riverside at Tuesday’s council meeting.

“The announcement of Nufab Rebar LLC in Riverside is a monumental occasion for our community,” Mayor Rusty Jessup said.

The council approved a tax abatement for all state and local non-educational property taxes for 10 years for Nufab Rebar.

St. Clair County Economic Development Council executive director Don Smith said Nufab Rebar plans to invest approximately $6.9 million in the new facility, located just off Interstate 20. The fabrication facility plans to hire 50 employees within the first three years with an expected growth to a potential of more than 80 employees during the next five years, making it the largest employer in Riverside.

“All of us at Nufab Rebar are very excited to be building our new facility in the City of Riverside,” said Dennis Swinney, with Nufab Rebar LLC. “The new facility will fabricate rebar for use in reinforced concrete construction projects throughout Alabama and its surrounding states. We have worked very closely with Riverside Mayor Jessup, the (St. Clair County) Economic Development Council, St. Clair County officials and other city staff, and appreciate the assistance and support that they have provided for this project. We look forward to getting underway with construction on the project this spring.”

Smith said the total capital investment is $6,936,000 which will create a total new annual payroll of $2,040,000.

“None of the taxes abated are educational taxes,” he said. “This is a great thing for our schools.”

Smith said during the initial 10 year abatement period, the estimated annual property tax to schools is almost $23,000. The estimated sales/use tax (one time only) to local schools is $33,340. The estimated annual educational sales tax revenue is $8,160.

“The total estimated 10 year impact to local schools is $343,828,” he said.

Smith said because of the new jobs, the city of Riverside was granted a $1 million industrial access grant from the Alabama Industrial Access Road & Bridge Program for infrastructure improvements, which give the company access to the adjacent railroad. The city has also applied for grants for sewer improvements which will also allow for new commercial opportunities along the interstate exit.

“Not only is this company creating jobs in our city, it is also creating additional potential for growth,” Jessup said. “The County and the EDC have walked alongside us in the recruitment process, and we feel that the decision to commit to this project agreement along with the accrual of the $1 million industrial access grant, which is the largest amount of grant money ever received by this community, will move us toward our future.”

St. Clair County Commission Chairman Stan Batemon said the county partnered with Riverside to put the land package together where Nufab Rebar is locating.

“We loaned Riverside some money to help them put the land package together,” he said. “Nufab is locating on the back portion, and the land in front on U.S. 78 is going to be developed as retail/commercial property.”

Batemon said the St. Clair County EDC was the lead entity throughout the entire process, including long-distance negotiations.

“Everyone worked together and I’m glad to see it come to fruition,” he said.

Smith said the St. Clair County EDC could not do its job without strong partners.

“Over the last 14 months of working on this project, I am extremely impressed with the leadership and spirit of cooperation shown by Nufab Rebar, the City of Riverside and the County Commission,” he said. “Without all of them, none of this would have been possible.”

Smith said in August 2008, Nufab Rebar LLC was acquired by Harris Steel Inc., a wholly owned subsidiary of Nucor Corporation. They hold themselves out to be a people-oriented company with a strong teamwork approach to business. Since the company’s inception in 2005, they have grown to 10 southern U.S. locations that are headquartered in Auburn, Indiana.

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Keywords: Riverside, Nufab Rebar LLC, St. Clair County, new plant,

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