ANDERSON — Tax abatements for two new businesses have been approved by the Anderson City Council.

The city council Thursday approved tax abatements for Forged Alliance to locate in the former PayLess store on Broadway and for Elusive Disc I to open in the former Wall Furniture store.

The council approved a 7-year tax abatement for Forged Alliance in the amount of $466,000 to make improvements to the building. Council also approved a 3-year tax abatement for $182,800 worth of new equipment to be installed.

Greg Winkler, executive director of the Anderson Economic Development Department, said that Forged Alliance is wholly owned by MoFab.

MoFab Inc., 1415 Fairview St., was founded in 1958 by Bill Hains and remains a family-owned and operated business.

Forged Alliance plans to create 17 jobs with an annual payroll of $601,120.

A three-year tax abatement was approved for Elusive Disc I for an estimated $195,300 in improvements to the building in the 2400 block of East 67th Street.

Elusive Disc 1 was formed in 1989 in Anderson, selling out-of-print and hard-to-find vinyl recordings and music CDs.

Winkler said the company is planning to open a retail outlet in the former Walls Furniture store at 2439 E. 67th St.

The company expects to create up to six jobs with an annual payroll of $143,330.

SIRMAX

The council approved a $1.75 million economic development tax increment revenue bond for a new company locating in Anderson that is owned by Sirmax.

Sirmax plans to construct a 118,000-square-foot expansion for S.E.R., which specializes in plastic recycling.

S.E.R. is purchasing 35 acres south of the Sirmax property along Dr. Martin Luther King Jr. Boulevard. Sirmax and S.E.R. are planning a total investment of $17.6 million in the new plant.

The company expects to create 38 new jobs with an annual payroll of $1.3 million plus benefits. The new jobs will be phased in with the first 25 jobs being created by September 2020.

The city is offering a $1.75 million tax increment financing, or TIF, bond that will not place any debt on the city of Anderson.

Anderson is also providing $650,000 in TIF revenues for supporting infrastructure including rail spur and utility expansion.

The new facility will produce a high-quality plastic product following a recycling and extrusion process that is similar to that produced by Sirmax, according to a press release.

Sirmax North America made an initial investment of $25.6 million in the Anderson headquarters.

The company originally purchased 26 acres on the former Guide Corp. property on Dr. Martin Luther King Jr. Boulevard near the intersection with 25th Street.

The company has 40 employees and expects to employ up to 50 workers in 2020.

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