Gibson County makes its pitch to Toyota supplier | Business
Gibson County leaders say they have “provided a smooth path for Vuteq Corporation to expand their automotive supply chain facility in the town of Princeton.” The county’s incentive package is aimed at convincing the company to expand its business in Gibson County.
Vuteq is a tier 1 supplier to Toyota Motor Manufacturing, Indiana and produces dashboards, glass products and other products.
“Governmental officials in Gibson County have worked on this opportunity for the last three months,” stated B. Todd Mosby, President and CEO of the Gibson County Economic Development Corporation. “Our elected officials deserve an enormous amount of credit for their foresight and diligence in providing the pathway toward success of landing another 100 jobs and an additional $103,000 in yearly property tax revenues.”
To help secure the investment and benefits, Gibson County provided Vuteq with up to $800,000 in a forgivable loan from the Toyota Motor Manufacturing, Indiana tax increment financing district to be used toward construction as they add to their current building footprint.
The Gibson County Board of Commissioners, Economic Development Commission, Re-development Commission and County Council all voted in favor of the conditional incentive package. The package provides for “Clawbacks” in the event job performance criteria is not met and if Vuteq Corporation closes and/or sells their Princeton facility.
The state of Indiana has also offered Vuteq incentives to help the supplier locate the new jobs and investment in Indiana. Those incentives will be announced by the Indiana Economic Development Corporation.
Mosby stated, “This project started in May and now the decision is up to Vuteq. Our leaders painstakingly crafted our package and I am confident we placed the right offer on the table. Either way, our leaders have superbly done what was asked of them and GCEDC is proud to represent our county and region in this effort. We are hopeful Vuteq will provide our community with a nice Christmas gift by accepting our package before the holidays or shortly thereafter.”
-Information from Gibson County Economic Development Corp.