City council approves tax abatements

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By Rebekah Martin
Associate Editor

The Opelika City Council approved two tax abatements at Tuesday’s meeting for Daewon America, Inc. and Pharmavite, LLC. The two companies announced plans for major, multi-million dollar expansions that will invest $8 million and $7 million, respectively and create a total of 17 new jobs. According to the resolutions, the companies are exempt from “all state and local non-education ad valorem taxes (property taxes); and all construction related transaction taxes (sales and use taxes), except those construction related transaction taxes levied for educational purposes or for capital improvements for education.”
The council also amended an abatement that was approved in July for Cumberland Plastics after the company underestimated its original capital investment by $2 million.
In other news, Mayor Gary Fuller announced the city recently sold its Series 2015 Warrants saving approximately $1,081,000 from 2016 through 2038.
In other business, the council:
-approved a 90-day extension on a moratorium regarding the city’s sign ordinance. The moratorium will be in effect until April 4, 2016.
-amended the city code regarding Opelika Power Services electric rates and charges.
-declared Dec. 16 as Taylor Rosenthal Day in Opelika.

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