BOONE COUNTY, Mo. - The official paperwork to allow a tax break for two local companies was signed, sealed and delivered Thursday afternoon.
The commission approved both Dana Light Axle Corp. and American Outdoor Brands, or Smith & Wesson, for property tax breaks for equipment and land earlier this year.
Representatives for the companies worked with the county to draw up the necessary paperwork and present the documentation, which laid out the official amount of the bonds and employment requirements.
"This actually authorizes the issuance of bonds when that time is right," presiding Commissioner Dan Atwill said.
Dana Corp. is asking for $53 million in bonds to buy equipment for their car part manufacturing plant in Columbia. The agreement states that as long as the company maintains 200 jobs at or above the average county income from 2021 to 2025, they'll only pay half of the property tax due on the equipment until 2025. It currently employs 89 people.
American Outdoor Brands is starting from scratch out on Route Z in east Boone County. It plans to build a new warehouse and office space. It asked for $44 million in bonds for the same 50 percent abatement as Dana Corp. AOB must increase the number of employees every year until 2021, when they must maintain at least 96 employees until 2028.
"This isn't a risky deal in my opinion," said Atwill.