Caterpillar's plans to expand its Large Engine Center Lafayette, Indiana, facility are moving forward after the city council passed two unanimous resolutions allowing the city to grant Caterpillar tax abatements on real estate and equipment.
According to a report from Wlfi.com, resolutions 2024-12 and 2024-13 will partially reduce property taxes over the next 10 years, following the recommendation of the Redevelopment Commission.
The $725 million project will expand the 1.6 million-square-foot plant by 300,000 square feet. It will also fund new equipment and equipment upgrades.
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Eric Newkirk, Caterpillar director of real estate and economic development, said the project will aid in retaining the approximately 1,900 full-time plant employees, according to the report.
The projected is expected to take three to four years and result in an additional 100 full-time jobs.
Source: Wlfi.com
