One hundred and forty new jobs with an average wage of nearly $19 an hour: That’s good news for the people of Anderson.
Mayor Tom Broderick announced early this month that the NTN Driveshaft facility in Anderson would create the jobs as part of an expansion that will add $58 million in property value to the plant, which has a current payroll of about $12.5 million, according to city officials.
The additional jobs would boost the payroll by about $5.5 million.
The Japanese company is a world leader in producing bearings, “constant velocity joints” and other automotive and industrial equipment. The local NTN plant, in operation since 2017, currently employs 327, city officials say.
City Council has approved a preliminary resolution for a seven-year, 75% tax abatement for the plant expansion. Council will consider final approval March 12.
That’s a generous abatement, but it’s probably necessary. One plus: City officials say no infrastructure improvements at the plant, located at 73rd Street and Layton Road, will be needed.
During the seven-year abatement, NTN Driveshaft would save about $3 million in taxes while paying about $2 million. After the abatement ends, NTN would owe an additional $522,000 yearly in property taxes.
The company’s initial deal in 2015 was for a 100% tax abatement for 10 years.
The city has paid a steep price in tax abatements for NTN, but the investment has paid off in jobs that pay a livable wage. Such employment is at a premium in a community where unemployment is low but poverty wages are rampant.
To wash the sour taste of the abatement away, just repeat after us: One hundred and forty new jobs with an average wage of nearly $19 an hour.