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$250,00 Tax Rebate – City Grants Sales Tax Rebate to Boost Masaba’s Growth

Vermillion City Council Approves Sales Tax Rebate for Masaba’s Expansion Project

Vermillion City Council Supports Local Manufacturer’s Expansion with Sales Tax Rebate

Masaba, Inc. a local manufacturer in Vermillion, is gearing up for a significant expansion project. They plan to construct a 125,000 square foot building along with purchasing new equipment all totaling $30 million. To aid in this endeavor, the Vermillion City Council has agreed to provide a sales tax rebate capped at $250,000 though originally Masaba had requested $300,000. The decision to trim the rebate came after council members reviewed ongoing city projects and expressed concerns about budget impacts.

The expansion project set to create 35 new jobs in its initial phasewill see Masaba constructing the new building on Lot 3 of the AMS Industrial Park Addition. City Manager John Prescott highlighted Masaba investment in equipment estimated at $15 million and building costs. The rebate agreement includes stipulations such as platting a parcel for future city infrastructure needs. While some council members initially debated the rebate amount ultimately settling on $250,000 as a compromise they emphasized the importance of supporting local economic growth and job creation.

READ ALSO: Guaranteed Income Programs Seek New Funding Opportunities To Expand Support

Vermillion City Council Continues Tradition of Economic Support through Sales Tax Rebate for Masaba’s Expansion

The decision to provide the sales tax rebate reflects Vermillion’s ongoing efforts to foster business growth and development. Similar financial incentives have been extended to other entities in the past such as the University of South Dakota and the Vermillion School District to support various projects. With Masaba’s expansion set to bring significant economic benefits to the community the rebate serves as a strategic investment in the city’s future prosperity.

READ ALSO: Tax Credit Proposal For Building Transformation Deliberates In Senate Panel

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