The Salem City Council Monday night approved a tax increment redevelopment agreement with Bromley Excavating which is locating a concrete and asphalt recycling facility on South Hotze Street in the west side industrial park.
Economic Development Director Leah Dellicarpini says the TIF District could provide up to $65,000 in reimbursement.
“They buy the land at $5000 an acre, we basically give it back to them in TIF eligible expenses after they build the building. So the goal being the property value drives up, we get new business in town and also are retaining an option on the land if they do not develop the land according to the plan they submitted we buy it back at a reduced price.”
Bromley is expected to begin operations this summer and will replace a service provided by another Salem business that has shutdown. Bromley has several other facilities including Mt. Vernon and Vandalia.
