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Japanese auto supplier adding 103 jobs in Columbus

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A Japanese manufacturer of automotive nuts, bolts and specialty fasteners said Friday that it plans to expand its operations in Columbus, creating up to 103 jobs by 2016.

Sunright America Inc., a subsidiary of Japan-based Sugiura Seisakusho Co. Ltd., plans to invest $35 million to build and equip two additional facilities on its 33-acre campus at the Northwest Industrial Park in Columbus.

The new facilities will be 176,000 square feet and 160,000 square feet. They will stand stand next to the company's existing 322,000-square-foot facility.

This is the third major expansion for Sunright in Columbus since 2008, when the company added 45 jobs. In 2011, it added another 100.

"When we witness companies like Sunright repeatedly grow in the Hoosier State, it further validates that Indiana is a state that works for business," Gov. Mike Pence said in a statement.

Sunright primarily manufactures weld nuts and flange nuts. The company is a supplier to Toyota, and its Columbus facility produces more than 5 million pieces per day for the automaker.

Sunright plans to begin hiring additional manufacturing workers, engineers, supervisors and managers this fall.

The Indiana Economic Development Corp. offered Sunright up to $700,000 in performance-based tax credits based on the company's job-creation plans. The city of Columbus will consider additional property tax abatement.

 

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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