A production decline in the auto industry during 2020 resulted in a Fishers firm, Thyssenkrupp, losing part of its 5- year personal property tax abatement previously approved.  According to city officials, the firm’s lack of meeting its employee target was a result of that auto industry hit taken during the peak of the COVID pandemic in 2020.

The tax abatement was based on an employee level of 150, but the current worker count is closer to 105.  City Economic Development Director Megan Baumgartner told the council that after meeting with the company, the city has agreed to not have the tax abatement in 2020, but allow the final two years of the abatement, which amounts to about $10,000 over the two-year period.

Councilman Brad DeReamer suggested that the abatement employment level of 105 should be used.  Council member Pete Peterson said the claw-back provisions in the agreement with the city should take care of that.

The council approved the agreement 8-1 with DeReamer voting no.