Tax abatement approved for company bringing 110 new jobs to area

File / eExtra News

A tax abatement for a company that is expected to bring about 110 new jobs to the area was approved by Hunt County Commissioners Court recently, as well as the Greenville City Council.

The company is known as Morgan Steel, a carbon steel distributor, and company officials are expected to purchase the former Woodgrain building near the old Rubbermaid facility. The building is 123,000 square feet and will be turned into a carbo steel distribution center and contract manufacturing facility, with estimated improvements totaling around $14.8 million, according to city officials.

The tax abatement makes the company exempt from 50 percent of the increased value of real property over 10 years for the city as well as the county and was recommended by the Board of Development and the 4A Economic Development Corp.

According to President and CEO of the Greenville Board of Development, the company was considering sites not only here, but also in Georgia and Tennessee.

Reportedly, the company intends to pay hourly employees an average wage of about $50,000 per year, and managers around $80,000 per year.