Cash Waggner seeking tax abatement with City of Jasper

<This article has been corrected. The way the article was worded made it seem that the tax abatement was on the full $295,000 Cash Waggner plans on investing in the renovation. The tax abatement is only for the assessed value of the improvements and equipment purchases.>

Jasper — The Jasper Economic Development Commission approved a tax abatement for the renovation of a portion of a 300,000 square foot building on 13th and Vine Street.

Cash Waggner Enterprises applied for a tax abatement through the City of Jasper for about 70,000 square feet of the former-JOFCO building located on 13th Street.

They purchased the building last November.

The engineering and design firm is applying for the tax abatement to renovate 70,000 square feet to be used for office space for the company and future tenants. The cost of the renovation is expected to cost about $250,000 and once the renovations are complete, the company will purchase an additional $45,000 in equipment for a total investment of $295,000.

The tax abatement will be for the assessed value of those improvements and purchases.

They plan on continuing the renovation of the remaining 230,000 square feet in the near future.

Nathan Waggner told the economic development board after they purchased the building, the company found several problems with the building — leaking roof, broken sewer line, inoperative fire sprinklers and more — and is seeking to abate the necessary repairs and renovations.

The building at 402 East 13th Street has been empty since August 2013 when JOFCO administrative offices moved out of the building. JOFCO merged with Jasper Group in January of 2013. There has been no furniture production in the building for at least ten years.

Cash Waggner and Associates is an engineering and planning firm established in Jasper in 2005 by Calvin Cash, president, and Nathan Waggner, vice-president. They currently employ 13 people between their Jasper and Evansville offices in positions as licensed engineers, surveyors, draftsmen and administrative personnel.

They will also have a new company, Testing & Inspection Services, Inc. — a small testing company with one employee, housed in the 70,000 square feet of the application.

Besides their own company, Cash Waggner will be seeking new tenants to take lease some of the renovated space.

The company stated it planned on adding five new full-time positions over the next year as part of the office renovation and expansion.

Jasper Economic Development board member Rick Stradtner stated the incentives included in the Jasper Tax Abatement ordinance are designed to attract companies to purchase and renovate existing buildings and properties in Jasper. Stradtner is a member of the Jasper Action Team, a group of business-owners that formulated the original tax abatement program for the city.

The Jasper Economic Development Board recommended forwarding a nine year tax abatement to the Jasper Common Council for approval. The abatement is for 100 percent of the property taxes on the improvements and equipment purchases. This will decrease to 75 percent abatement in year seven, 50 percent in year eight and 25 percent year nine.