An Indianola business is planning a major expansion at its Highway 82 property.
Wade Inc. plans to invest $2.2 million into an expansion and renovation, according to plans discussed at this week’s meeting of the Indianola Board of Aldermen.
The board voted unanimously Monday night to grant incremental tax abatements to the John Deere supplier. Mayor Steve Rosenthal suggested the four-year deescalating tax credit because it is a renovation and not a brand new project.
“With that type of sizable investment, that would be a good incentive,” Rosenthal said.
Rosenthal’s proposal was that 100 percent of the increased value would be abated for the first year, 75 percent for year two, 50 percent for the third year then lowered to 25 percent for the forth year with a stipulation that at the end of the forth year, if the business is occupied and employing at least four non-family members as employees, the company will be eligible for an additional year of tax breaks at 25 percent.
James Braxton, of Wade Inc., told the municipal officials that the multi-million dollar expansion involves doubling the service area size, tearing down some old structures that have been there since the 1950s and renovating and remodeling the existing showroom area.
Braxton stated that although the company offers its customers excellent service now, “The increased service area will allow us to hire more technicians to provide better service.”
He explained that modifications and improvements in farm equipment over the years has resulted in larger farm apparatuses and implements and for the company’s service department to be able to continue providing great service, they needed to enlarge the service area.
Earlier in the year, Wade Inc. purchased an abandoned piece of city property just north of the existing facility between it and South Elmwood Circle to facilitate the expansion.
